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Maskeliya Plantations swings to profit in fiscal Q1

Maskeliya Plantations PLC said its normalized net income for the fiscal first quarter ended June 30 came to 28 Sri Lankan cents per share, compared with a loss of 98 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 15.0 million rupees, compared with a loss of 52.8 million rupees in the year-earlier period.

The normalized profit margin increased to 1.5% from negative 5.8% in the year-earlier period.

Total revenue grew 6.3% year over year to 975.8 million rupees from 918.1 million rupees, and total operating expenses declined 5.6% year over year to 926.8 million rupees from 981.7 million rupees.

Reported net income came to 24.1 million rupees, or 45 cents per share, compared to a loss of 84.5 million rupees, or a loss of 1.57 rupees per share, in the year-earlier period.

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