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Horana Plantations swings to loss in fiscal Q4

Horana Plantations PLC said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 46 Sri Lankan cents per share, compared with 84 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 a loss of 11.5 million rupees, compared with income of 20.9 million rupees in the prior-year period.

The normalized profit margin declined to negative 2.2% from 3.4% in the year-earlier period.

Total revenue declined 14.2% on an annual basis to 527.0 million rupees from 613.9 million rupees, and total operating expenses declined 5.5% from the prior-year period to 538.5 million rupees from 570.2 million rupees.

Reported net income declined 35.8% on an annual basis to 31.0 million rupees, or 1.24 rupees per share, from 48.3 million rupees, or 1.93 rupees per share.

For the year, the company's normalized net income totaled 60 cents per share, a decline of 82.2% from 3.35 rupees per share in the prior year.

Normalized net income was 14.9 million rupees, a decrease of 82.2% from 83.8 million rupees in the prior year.

Full-year total revenue declined from the prior-year period to 2.16 billion rupees from 2.27 billion rupees, and total operating expenses rose on an annual basis to 2.11 billion rupees from 2.08 billion rupees.

The company said reported net income fell 54.8% year over year to 62.0 million rupees, or 2.48 rupees per share, in the full year, from 137.2 million rupees, or 5.49 rupees per share.

As of May 29, US$1 was equivalent to 133.88 Sri Lankan rupees.