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Ceylon Tea Brokers fiscal Q3 profit falls YOY

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Ceylon Tea Brokers fiscal Q3 profit falls YOY

Ceylon Tea Brokers PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 3 Sri Lankan cents per share, a decrease of 71.1% from 9 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 3.2 million rupees, a decline of 70.1% from 10.6 million rupees in the year-earlier period.

The normalized profit margin fell to 4.1% from 10.2% in the year-earlier period.

Total revenue declined 25.9% on an annual basis to 76.7 million rupees from 103.5 million rupees, and total operating expenses fell from the prior-year period to 59.6 million rupees from 62.3 million rupees.

Reported net income fell 71.8% from the prior-year period to 3.6 million rupees, or 3 cents per share, from 12.7 million rupees, or 11 cents per share.

As of Feb. 15, US$1 was equivalent to 144.09 Sri Lankan rupees.