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Raigam Wayamba lterns fiscal Q3 profit falls YOY

Raigam Wayamba Salterns PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 2.9 million rupees, a fall of 56.9% from 6.7 million rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 2.5% from 6.7% in the year-earlier period.

Total revenue grew 15.2% year over year to 115.3 million rupees from 100.1 million rupees, and total operating expenses grew 23.9% from the prior-year period to 110.8 million rupees from 89.4 million rupees.

Reported net income fell 70.2% year over year to 3.2 million rupees, or 1 cents per share, from 10.7 million rupees, or 4 cents per share.

As of Feb. 15, US$1 was equivalent to 144.09 Sri Lankan rupees.