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Agalawatte Plantations swings to loss in Q2

Agalawatte Plantations PLC said its normalized net income for the second quarter amounted to a loss of 2.16 Sri Lankan rupees per share, compared with 22 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 54.0 million rupees, compared with income of 5.4 million rupees in the year-earlier period.

The normalized profit margin declined to negative 12.6% from 1.1% in the year-earlier period.

Total revenue fell 15.0% year over year to 428.8 million rupees from 504.7 million rupees, and total operating expenses climbed 8.8% on an annual basis to 485.1 million rupees from 445.7 million rupees.

Reported net income totaled a loss of 90.0 million rupees, or a loss of 3.60 rupees per share, compared to income of 8.6 million rupees, or 34 cents per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 134.55 Sri Lankan rupees.