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Kelsey Developments swings to loss in fiscal Q1

Kelsey Developments PLC said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 1.02 Sri Lankan rupees per share, compared with 13 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 17.8 million rupees, compared with income of 2.2 million rupees in the prior-year period.

Reported net income came to a loss of 28.5 million rupees, or a loss of 1.64 rupees per share, compared to income of 3.6 million rupees, or 20 cents per share, in the prior-year period.

As of Aug. 13, US$1 was equivalent to 133.88 Sri Lankan rupees.