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Cargills fiscal Q3 profit falls YOY

Cargills (Ceylon) PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 39 Sri Lankan cents per share, a decrease of 61.6% from 1.03 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 88.5 million rupees, a decline of 61.6% from 230.3 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.6% from 1.5% in the year-earlier period.

Total revenue fell year over year to 15.17 billion rupees from 15.51 billion rupees, and total operating expenses totaled 14.80 billion rupees, compared with 14.82 billion rupees in the prior-year period.

Reported net income decreased 96.0% from the prior-year period to 8.7 million rupees, or 4 cents per share, from 219.0 million rupees, or 98 cents per share.

As of Feb. 12, US$1 was equivalent to 132.72 Sri Lankan rupees.