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Renuka Agri Foods swings to profit in fiscal Q3

Renuka Agri Foods PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 8 Sri Lankan cents per share, compared with a loss of 1 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 44.4 million rupees, compared with a loss of 7.5 million rupees in the prior-year period.

The normalized profit margin increased to 5.1% from negative 0.8% in the year-earlier period.

Total revenue totaled 872.2 million rupees, compared with 878.2 million rupees in the year-earlier period, and total operating expenses fell 9.6% from the prior-year period to 798.3 million rupees from 883.6 million rupees.

Reported net income totaled 69.0 million rupees, or 12 cents per share, compared to a loss of 16.3 million rupees, or a loss of 3 cents per share, in the prior-year period.

As of Feb. 6, US$1 was equivalent to 132.96 Sri Lankan rupees.