Tea Smallholder Factories PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of 1 Sri Lankan cents per share, compared with 13 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 271,250 rupees, compared with income of 3.7 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 0.1% from 0.6% in the year-earlier period.

Total revenue decreased 23.8% on an annual basis to 446.5 million rupees from 585.7 million rupees, and total operating expenses declined 22.7% year over year to 447.5 million rupees from 578.8 million rupees.

Reported net income came to a loss of 522,000 rupees, or a loss of 2 cents per share, compared to income of 15.5 million rupees, or 52 cents per share, in the prior-year period.

As of Feb. 1, US$1 was equivalent to 144.06 Sri Lankan rupees.