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C. W. Mackie fiscal Q4 profit falls YOY

C. W. Mackie PLC said its normalized net income for the fiscal fourth quarter ended March 31 came to 1.50 Sri Lankan rupees per share, a decline of 34.6% from 2.29 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 53.8 million rupees, a decrease of 34.7% from 82.4 million rupees in the year-earlier period.

The normalized profit margin declined to 3.2% from 3.4% in the year-earlier period.

Total revenue decreased 16.6% year over year to 2.00 billion rupees from 2.40 billion rupees, and total operating expenses decreased 15.2% year over year to 1.90 billion rupees from 2.25 billion rupees.

Reported net income grew 8.7% from the prior-year period to 79.5 million rupees, or 2.21 rupees per share, from 73.1 million rupees, or 2.03 rupees per share.

For the year, the company's normalized net income totaled 4.84 rupees per share, a decline of 8.7% from 5.30 rupees per share in the prior year.

Normalized net income was 174.3 million rupees, a decrease of 8.7% from 190.9 million rupees in the prior year.

Full-year total revenue increased on an annual basis to 7.62 billion rupees from 7.34 billion rupees, and total operating expenses increased on an annual basis to 7.30 billion rupees from 6.97 billion rupees.

The company said reported net income decreased 8.9% on an annual basis to 189.7 million rupees, or 5.27 rupees per share, in the full year, from 208.3 million rupees, or 5.79 rupees per share.

As of May 26, US$1 was equivalent to 133.88 Sri Lankan rupees.