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HVA Foods fiscal Q3 loss narrows YOY

HVA Foods PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 463,410 rupees, compared with a loss of 5.6 million rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 0.2% from negative 3.2% in the year-earlier period.

Total revenue rose 36.0% year over year to 237.6 million rupees from 174.8 million rupees, and total operating expenses rose 28.8% from the prior-year period to 231.9 million rupees from 180.0 million rupees.

Reported net income totaled a loss of 2.1 million rupees, or a loss of 3 cents per share, compared to a loss of 9.8 million rupees, or a loss of 15 cents per share, in the year-earlier period.

As of Feb. 6, US$1 was equivalent to 132.96 Sri Lankan rupees.