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C M Holdings swings to profit in fiscal Q2

C M Holdings PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 5.92 Sri Lankan rupees per share, compared with a loss of 5.35 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 101.9 million rupees, compared with a loss of 148.3 million rupees in the year-earlier period.

The normalized profit margin rose to 42.8% from negative 113.7% in the year-earlier period.

Total revenue grew 82.6% year over year to 238.2 million rupees from 130.5 million rupees, and total operating expenses fell 75.6% from the prior-year period to 86.0 million rupees from 353.0 million rupees.

Reported net income totaled 146.7 million rupees, or 8.53 rupees per share, compared to a loss of 241.0 million rupees, or a loss of 8.69 rupees per share, in the year-earlier period.

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