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Elpitiya Plantations fiscal Q2 profit falls YOY

Elpitiya Plantations PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 67 Sri Lankan cents per share, a decrease of 26.1% from 91 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 48.8 million rupees, a decline of 26.4% from 66.3 million rupees in the year-earlier period.

The normalized profit margin dropped to 7.7% from 9.9% in the year-earlier period.

Total revenue fell 5.0% on an annual basis to 632.9 million rupees from 666.4 million rupees, and total operating expenses totaled 604.5 million rupees, compared with 607.8 million rupees in the prior-year period.

Reported net income fell 26.6% on an annual basis to 73.4 million rupees, or 1.01 rupees per share, from 100.0 million rupees, or 1.37 rupees per share.

As of Nov. 14, US$1 was equivalent to 131 Sri Lankan rupees.