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Eastern Merchants fiscal Q3 loss widens 47.4% YOY

Eastern Merchants PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 10 Sri Lankan cents per share, compared with a loss of 7 cents 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 12.0 million rupees, compared with a loss of 8.1 million rupees in the prior-year period.

The normalized profit margin dropped to negative 7.6% from negative 1.8% in the year-earlier period.

Total revenue declined 61.8% on an annual basis to 172.6 million rupees from 451.7 million rupees, and total operating expenses fell 58.3% year over year to 191.8 million rupees from 460.3 million rupees.

Reported net income came to a loss of 22.2 million rupees, or a loss of 19 cents per share, compared to a loss of 14.6 million rupees, or a loss of 12 cents per share, in the year-earlier period.

As of Feb. 16, US$1 was equivalent to 133.00 Sri Lankan rupees.