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Kahawatte Plantations Q3 loss narrows YOY

Kahawatte Plantations PLC said its third-quarter normalized net income came to a loss of 27 Sri Lankan cents per share, compared with a loss of 78 cents 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 21.3 million rupees, compared with a loss of 62.5 million rupees in the prior-year period.

The normalized profit margin rose to negative 3.0% from negative 9.7% in the year-earlier period.

Total revenue climbed 16.0% on an annual basis to 745.7 million rupees from 642.8 million rupees, and total operating expenses rose year over year to 738.2 million rupees from 720.7 million rupees.

Reported net income totaled a loss of 36.4 million rupees, or a loss of 46 cents per share, compared to a loss of 100.1 million rupees, or a loss of 1.25 rupees per share, in the year-earlier period.

As of Nov. 15, US$1 was equivalent to 148.15 Sri Lankan rupees.