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Keells Food Products fiscal Q1 profit climbs 58.4% YOY

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Keells Food Products fiscal Q1 profit climbs 58.4% YOY

Keells Food Products PLC said its normalized net income for the fiscal first quarter ended June 30 came to 1.28 Sri Lankan rupees per share, an increase of 57.7% from 81 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 32.8 million rupees, an increase of 58.4% from 20.7 million rupees in the prior-year period.

The normalized profit margin climbed to 5.7% from 3.9% in the year-earlier period.

Total revenue climbed 10.2% year over year to 580.1 million rupees from 526.4 million rupees, and total operating expenses grew from the prior-year period to 524.3 million rupees from 512.8 million rupees.

Reported net income increased 27.1% on an annual basis to 37.8 million rupees, or 1.48 rupees per share, from 29.8 million rupees, or 1.17 rupees per share.

As of July 23, US$1 was equivalent to 130.25 Sri Lankan rupees.