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Dankotuwa Porcelain swings to profit in fiscal Q1

Dankotuwa Porcelain PLC said its normalized net income for the fiscal first quarter ended June 30 was 6 Sri Lankan cents per share, compared with a loss of 8 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 4.4 million rupees, compared with a loss of 5.5 million rupees in the prior-year period.

The normalized profit margin climbed to 0.7% from negative 1.5% in the year-earlier period.

Total revenue climbed 65.3% year over year to 607.0 million rupees from 367.3 million rupees, and total operating expenses climbed 54.2% from the prior-year period to 579.3 million rupees from 375.7 million rupees.

Reported net income came to 4.6 million rupees, or 6 cents per share, compared to a loss of 9.1 million rupees, or a loss of 13 cents per share, in the prior-year period.

As of Aug. 4, US$1 was equivalent to 130.22 Sri Lankan rupees.