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Watawala Plantations fiscal Q3 profit falls YOY

Watawala Plantations PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 50 Sri Lankan cents per share, a decline of 22.2% from 65 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 118.9 million rupees, a decline of 21.9% from 152.4 million rupees in the year-earlier period.

The normalized profit margin declined to 7.4% from 9.2% in the year-earlier period.

Total revenue declined year over year to 1.60 billion rupees from 1.65 billion rupees, and total operating expenses totaled 1.39 billion rupees, compared with 1.38 billion rupees in the prior-year period.

Reported net income fell 30.9% year over year to 146.6 million rupees, or 62 cents per share, from 212.1 million rupees, or 90 cents per share.

As of Jan. 23, US$1 was equivalent to 131.90 Sri Lankan rupees.