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Udapussellawa Plantations swings to loss in Q2

Udapussellawa Plantations PLC said its second-quarter normalized net income came to a loss of 13 Sri Lankan cents per share, compared with 2.46 rupees 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 2.6 million rupees, compared with income of 48.2 million rupees in the prior-year period.

The normalized profit margin declined to negative 0.5% from 11.4% in the year-earlier period.

Total revenue grew 30.6% year over year to 551.1 million rupees from 421.9 million rupees, and total operating expenses rose 61.7% on an annual basis to 550.3 million rupees from 340.2 million rupees.

Reported net income totaled a loss of 6.0 million rupees, or a loss of 31 cents per share, compared to income of 67.3 million rupees, or 3.43 rupees per share, in the year-earlier period.

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