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Udapussellawa Plantations swings to loss in Q1

Udapussellawa Plantations PLC said its first-quarter normalized net income amounted to a loss of 73 Sri Lankan cents per share, compared with 76 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 a loss of 14.2 million rupees, compared with income of 14.7 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 3.6% from 4.5% in the year-earlier period.

Total revenue rose 21.8% year over year to 397.8 million rupees from 326.5 million rupees, and total operating expenses rose 39.6% from the prior-year period to 416.1 million rupees from 298.1 million rupees.

Reported net income totaled a loss of 23.3 million rupees, or a loss of 1.20 rupees per share, compared to income of 22.8 million rupees, or 1.17 rupees per share, in the year-earlier period.

As of May 12, US$1 was equivalent to 133.63 Sri Lankan rupees.