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Hapugastenne Plantations Q4 loss narrows YOY

Hapugastenne Plantations PLC said its normalized net income for the fourth quarter came to a loss of 1.44 Sri Lankan rupees per share, compared with a loss of 2.16 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 a loss of 66.9 million rupees, compared with a loss of 99.9 million rupees in the year-earlier period.

The normalized profit margin rose to negative 9.9% from negative 16.9% in the year-earlier period.

Total revenue rose 14.8% on an annual basis to 678.9 million rupees from 591.3 million rupees, and total operating expenses increased 5.1% on an annual basis to 798.5 million rupees from 760.1 million rupees.

Reported net income totaled a loss of 118.0 million rupees, or a loss of 2.55 rupees per share, compared to a loss of 55.0 million rupees, or a loss of 1.19 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 3.38 rupees per share, compared with a loss of 5.88 rupees per share in the prior year.

Normalized net income was a loss of 156.6 million rupees, compared with a loss of 272.5 million rupees in the prior year.

Full-year total revenue decreased from the prior-year period to 3.01 billion rupees from 3.10 billion rupees, and total operating expenses fell 8.2% on an annual basis to 3.18 billion rupees from 3.46 billion rupees.

The company said reported net income came to a loss of 236.5 million rupees, or a loss of 5.11 rupees per share, in the full year, compared with a loss of 342.1 million rupees, or a loss of 7.39 rupees per share, the prior year.

As of March 28, US$1 was equivalent to 151.99 Sri Lankan rupees.