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Elpitiya Plantations fiscal Q3 profit climbs 11.2% YOY

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Elpitiya Plantations fiscal Q3 profit climbs 11.2% YOY

Elpitiya Plantations PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 61 Sri Lankan cents per share, an increase of 11.4% from 54 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 44.2 million rupees, a gain of 11.2% from 39.7 million rupees in the year-earlier period.

The normalized profit margin rose to 7.8% from 6.2% in the year-earlier period.

Total revenue fell 11.5% year over year to 565.6 million rupees from 639.2 million rupees, and total operating expenses fell 10.4% on an annual basis to 541.2 million rupees from 604.4 million rupees.

Reported net income rose 16.7% on an annual basis to 70.7 million rupees, or 97 cents per share, from 60.6 million rupees, or 83 cents per share.

As of Feb. 12, US$1 was equivalent to 144.09 Sri Lankan rupees.