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Kotagala Plantations swings to loss in fiscal Q3

Kotagala Plantations PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 1.17 Sri Lankan rupees per share, compared with 1 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 70.4 million rupees, compared with income of 696,880 rupees in the year-earlier period.

The normalized profit margin fell to negative 2.6% from 0.0% in the year-earlier period.

Total revenue rose on an annual basis to 2.70 billion rupees from 2.66 billion rupees, and total operating expenses climbed 6.2% year over year to 2.73 billion rupees from 2.57 billion rupees.

Reported net income came to a loss of 134.8 million rupees, or a loss of 2.25 rupees per share, compared to income of 1.3 million rupees, or 2 cents per share, in the year-earlier period.

As of Feb. 10, US$1 was equivalent to 132.84 Sri Lankan rupees.