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Kelsey Developments swings to profit in fiscal Q1

Kelsey Developments PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 13 Sri Lankan cents per share, compared with a loss of 38 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 2.2 million rupees, compared with a loss of 6.6 million rupees in the prior-year period.

The normalized profit margin climbed to 2.5% from negative 17.9% in the year-earlier period.

Total revenue grew year over year to 88.4 million rupees from 36.6 million rupees, and total operating expenses grew on an annual basis to 89.7 million rupees from 38.8 million rupees.

Reported net income fell 97.9% year over year to 3.6 million rupees, or 20 cents per share, from 166.8 million rupees, or 9.57 rupees per share.

As of Aug. 11, US$1 was equivalent to 130.20 Sri Lankan rupees.