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Balangoda Plantations Q1 loss narrows YOY

Balangoda Plantations PLC said its first-quarter normalized net income came to a loss of 1.41 Sri Lankan rupees per share, compared with a loss of 3.18 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 a loss of 33.3 million rupees, compared with a loss of 75.2 million rupees in the prior-year period.

The normalized profit margin climbed to negative 5.6% from negative 13.3% in the year-earlier period.

Total revenue grew 5.9% on an annual basis to 597.8 million rupees from 564.3 million rupees, and total operating expenses fell 5.8% from the prior-year period to 637.5 million rupees from 676.9 million rupees.

Reported net income came to a loss of 35.3 million rupees, or a loss of 1.49 rupees per share, compared to a loss of 102.4 million rupees, or a loss of 4.33 rupees per share, in the year-earlier period.

As of May 12, US$1 was equivalent to 145.73 Sri Lankan rupees.