Kegalle Plantations PLC said its normalized net income for the fiscal first quarter ended June 30 came to 1.23 Sri Lankan rupees per share, a decline of 51.1% from 2.51 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 30.7 million rupees, a decrease of 51.1% from 62.8 million rupees in the prior-year period.

The normalized profit margin declined to 5.2% from 10.3% in the year-earlier period.

Total revenue fell year over year to 585.3 million rupees from 611.0 million rupees, and total operating expenses declined on an annual basis to 564.1 million rupees from 572.7 million rupees.

Reported net income declined 52.4% year over year to 42.7 million rupees, or 1.71 rupees per share, from 89.8 million rupees, or 3.59 rupees per share.

As of Aug. 12, US$1 was equivalent to 130.20 Sri Lankan rupees.