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C. W. Mackie fiscal Q1 profit climbs 89.7% YOY

C. W. Mackie PLC said its normalized net income for the fiscal first quarter ended June 30 was 1.39 Sri Lankan rupees per share, an increase of 90.1% from 73 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 50.0 million rupees, an increase of 89.7% from 26.4 million rupees in the year-earlier period.

The normalized profit margin rose to 2.7% from 1.4% in the year-earlier period.

Total revenue fell year over year to 1.85 billion rupees from 1.88 billion rupees, and total operating expenses decreased year over year to 1.76 billion rupees from 1.82 billion rupees.

Reported net income rose 87.5% on an annual basis to 56.1 million rupees, or 1.56 rupees per share, from 29.9 million rupees, or 83 cents per share.

As of Aug. 4, US$1 was equivalent to 133.47 Sri Lankan rupees.