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Ceylon & Foreign Trades fiscal Q1 profit climbs 12.3% YOY

Ceylon and Foreign Trades PLC said its normalized net income for the fiscal first quarter ended June 30 was 3 Sri Lankan cents per share, a gain from 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.9 million rupees, a gain of 12.3% from 4.4 million rupees in the prior-year period.

The normalized profit margin fell to 3.9% from 4.9% in the year-earlier period.

Total revenue rose 39.5% on an annual basis to 125.3 million rupees from 89.8 million rupees, and total operating expenses rose 41.5% from the prior-year period to 115.3 million rupees from 81.5 million rupees.

Reported net income came to 7.1 million rupees, or 5 cents per share, compared to 6.4 million rupees, or 5 cents per share, in the year-earlier period.

As of Aug. 15, US$1 was equivalent to 130.18 Sri Lankan rupees.