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Namunukula Plantations fiscal Q1 profit falls YOY

Namunukula Plantations PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 1.31 Sri Lankan rupees per share, a decline from 1.34 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 31.0 million rupees, a decline from 31.8 million rupees in the prior-year period.

The normalized profit margin dropped to 6.4% from 7.5% in the year-earlier period.

Total revenue fell 13.6% year over year to 368.3 million rupees from 426.3 million rupees, and total operating expenses declined 8.0% on an annual basis to 354.7 million rupees from 385.4 million rupees.

Reported net income grew from the prior-year period to 48.6 million rupees, or 2.05 rupees per share, from 47.1 million rupees, or 1.98 rupees per share.

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