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Madulsima Plantations Q1 loss widens 30.0% YOY

Madulsima Plantations PLC said its first-quarter normalized net income amounted to a loss of 1.79 Sri Lankan rupees per share, compared with a loss of 1.38 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 52.0 million rupees, compared with a loss of 40.0 million rupees in the year-earlier period.

The normalized profit margin fell to negative 10.5% from negative 8.5% in the year-earlier period.

Total revenue climbed 5.1% on an annual basis to 496.9 million rupees from 472.8 million rupees, and total operating expenses rose 5.0% year over year to 533.5 million rupees from 507.9 million rupees.

Reported net income came to a loss of 33.4 million rupees, or a loss of 1.15 rupees per share, compared to a loss of 13.8 million rupees, or a loss of 47 cents per share, in the prior-year period.

As of May 12, US$1 was equivalent to 133.63 Sri Lankan rupees.