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Hapugastenne Plantations swings to loss in Q2

Hapugastenne Plantations PLC said its second-quarter normalized net income was a loss of 55 Sri Lankan cents per share, compared with 1.18 rupees 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 25.5 million rupees, compared with income of 54.4 million rupees in the prior-year period.

The normalized profit margin dropped to negative 2.5% from 4.7% in the year-earlier period.

Total revenue decreased 11.8% year over year to 1.02 billion rupees from 1.16 billion rupees, and total operating expenses came to 1.04 billion rupees, compared with 1.05 billion rupees in the prior-year period.

Reported net income totaled a loss of 46.5 million rupees, or a loss of 1 rupee per share, compared to income of 81.4 million rupees, or 1.76 rupees per share, in the year-earlier period.

As of Aug. 10, US$1 was equivalent to 133.78 Sri Lankan rupees.