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Renuka Agri Foods fiscal Q2 profit falls YOY

Renuka Agri Foods PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 14 Sri Lankan cents per share, a decrease of 20.1% from 17 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 76.9 million rupees, a decline of 19.2% from 95.2 million rupees in the year-earlier period.

The normalized profit margin rose to 11.1% from 10.3% in the year-earlier period.

Total revenue fell 25.3% year over year to 691.8 million rupees from 926.5 million rupees, and total operating expenses fell 23.0% from the prior-year period to 588.1 million rupees from 763.6 million rupees.

Reported net income fell 26.1% year over year to 108.1 million rupees, or 19 cents per share, from 146.4 million rupees, or 26 cents per share.

As of Nov. 13, US$1 was equivalent to 142.05 Sri Lankan rupees.