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Lankem Developments fiscal Q2 loss widens YOY

Lankem Developments PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 52 Sri Lankan cents per share, compared with a loss of 25 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 a loss of 31.4 million rupees, compared with a loss of 14.8 million rupees in the year-earlier period.

The normalized profit margin fell to negative 3.3% from negative 1.9% in the year-earlier period.

Total revenue grew 23.7% year over year to 950.3 million rupees from 768.4 million rupees, and total operating expenses climbed 33.3% year over year to 1.09 billion rupees from 817.3 million rupees.

Reported net income totaled a loss of 97.8 million rupees, or a loss of 1.63 rupees per share, compared to a loss of 44.3 million rupees, or a loss of 74 cents per share, in the year-earlier period.

As of Nov. 14, US$1 was equivalent to 131 Sri Lankan rupees.