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Tess Agro swings to loss in fiscal Q2

Tess Agro PLC said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 8.9 million rupees, compared with income of 474,550 rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 7.5% from 0.5% in the year-earlier period.

Total revenue rose 17.3% on an annual basis to 118.2 million rupees from 100.8 million rupees, and total operating expenses climbed 37.2% on an annual basis to 126.2 million rupees from 92.0 million rupees.

Reported net income totaled a loss of 14.3 million rupees, or a loss of 4 cents per share, compared to income of 759,280 rupees, or 0 cents per share, in the prior-year period.

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