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Swadeshi Industrial Works swings to loss in fiscal Q2

Swadeshi Industrial Works PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 9.73 Sri Lankan rupees per share, compared with 65.45 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 a loss of 1.3 million rupees, compared with income of 8.6 million rupees in the year-earlier period.

The normalized profit margin declined to negative 0.2% from 1.5% in the year-earlier period.

Total revenue climbed year over year to 612.3 million rupees from 586.7 million rupees, and total operating expenses grew 7.5% on an annual basis to 602.2 million rupees from 560.1 million rupees.

Reported net income totaled a loss of 2.0 million rupees, or a loss of 15.57 rupees per share, compared to income of 11.0 million rupees, or 84.06 rupees per share, in the prior-year period.

As of Nov. 17, US$1 was equivalent to 131 Sri Lankan rupees.