Tea Smallholder Factories PLC said its normalized net income for the fiscal first quarter ended June 30 was 57 Sri Lankan cents per share, a gain of 22.4% from 46 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 17.0 million rupees, a gain of 22.7% from 13.8 million rupees in the prior-year period.
The normalized profit margin increased to 2.7% from 2.1% in the year-earlier period.
Total revenue fell year over year to 631.1 million rupees from 643.4 million rupees, and total operating expenses fell on an annual basis to 601.9 million rupees from 618.2 million rupees.
Reported net income grew 22.9% on an annual basis to 19.4 million rupees, or 65 cents per share, from 15.8 million rupees, or 53 cents per share.
As of July 25, US$1 was equivalent to 130.22 Sri Lankan rupees.