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Good Hope fiscal Q1 profit falls YOY

Good Hope PLC said its normalized net income for the fiscal first quarter ended June 30 came to 1.95 Sri Lankan rupees per share, a decline of 41.9% from 3.36 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.4 million rupees, a decrease of 41.9% from 23.0 million rupees in the prior-year period.

The normalized profit margin increased to 62.5% from 40.4% in the year-earlier period.

Total revenue decreased 25.7% on an annual basis to 42.4 million rupees from 57.0 million rupees, and total operating expenses grew from the prior-year period to 21.0 million rupees from 20.2 million rupees.

Reported net income grew 62.3% year over year to 44.1 million rupees, or 6.42 rupees per share, from 27.2 million rupees, or 3.96 rupees per share.

As of Aug. 7, US$1 was equivalent to 133.75 Sri Lankan rupees.