Talawakelle Tea Estates PLC said its normalized net income for the fiscal fourth quarter ended March 31 was 1.93 Sri Lankan rupees per share, an increase of 88.5% from 1.02 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 45.8 million rupees, an increase from 17.1 million rupees in the prior-year period.

The normalized profit margin climbed to 5.2% from 1.8% in the year-earlier period.

Total revenue declined 10.7% on an annual basis to 850.1 million rupees from 952.4 million rupees, and total operating expenses decreased 16.0% from the prior-year period to 754.0 million rupees from 897.5 million rupees.

Reported net income increased 41.7% on an annual basis to 67.0 million rupees, or 2.82 rupees per share, from 47.3 million rupees, or 2.83 rupees per share.

For the year, the company's normalized net income totaled 3.16 rupees per share, a decrease of 35.1% from 4.87 rupees per share in the prior year.

Normalized net income was 75.1 million rupees, a fall of 35.1% from 115.6 million rupees in the prior year.

Full-year total revenue fell 9.8% on an annual basis to 3.43 billion rupees from 3.81 billion rupees, and total operating expenses declined 8.5% year over year to 3.21 billion rupees from 3.51 billion rupees.

The company said reported net income declined 38.1% on an annual basis to 118.5 million rupees, or 4.99 rupees per share, in the full year, from 191.4 million rupees, or 8.06 rupees per share.

As of May 27, US$1 was equivalent to 147.16 Sri Lankan rupees.