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Hapugastenne Plantations swings to loss in Q1

Hapugastenne Plantations PLC said its first-quarter normalized net income amounted to a loss of 1.05 Sri Lankan rupees per share, compared with 23 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 48.6 million rupees, compared with income of 10.8 million rupees in the prior-year period.

The normalized profit margin dropped to negative 6.2% from 1.2% in the year-earlier period.

Total revenue decreased 13.7% on an annual basis to 786.1 million rupees from 910.5 million rupees, and total operating expenses fell year over year to 843.4 million rupees from 870.7 million rupees.

Reported net income totaled a loss of 80.8 million rupees, or a loss of 1.74 rupees per share, compared to income of 17.3 million rupees, or 37 cents per share, in the prior-year period.

As of May 12, US$1 was equivalent to 133.63 Sri Lankan rupees.