Odel PLC said its normalized net income for the fiscal first quarter ended June 30 was 1 Sri Lankan cents per share, a decrease of 93.8% from 17 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 4.4 million rupees, a decline of 90.9% from 47.9 million rupees in the year-earlier period.

The normalized profit margin fell to 0.4% from 5.0% in the year-earlier period.

Total revenue rose 13.5% year over year to 1.10 billion rupees from 965.6 million rupees, and total operating expenses climbed 21.6% on an annual basis to 1.05 billion rupees from 866.9 million rupees.

Reported net income declined 93.8% from the prior-year period to 4.1 million rupees, or 1 cent per share, from 65.8 million rupees, or 24 cents per share.

As of July 30, US$1 was equivalent to 130.22 Sri Lankan rupees.