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Harischandra Mills fiscal Q1 profit climbs 28.0% YOY

Harischandra Mills PLC said its normalized net income for the fiscal first quarter ended June 30 was 19.22 Sri Lankan rupees per share, an increase of 28.0% from 15.01 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 36.9 million rupees, an increase of 28.0% from 28.8 million rupees in the year-earlier period.

The normalized profit margin increased to 5.7% from 4.6% in the year-earlier period.

Total revenue increased on an annual basis to 648.3 million rupees from 625.7 million rupees, and total operating expenses climbed from the prior-year period to 593.8 million rupees from 581.7 million rupees.

Reported net income increased 28.0% year over year to 42.5 million rupees, or 22.14 rupees per share, from 33.2 million rupees, or 17.30 rupees per share.

As of Aug. 12, US$1 was equivalent to 133.79 Sri Lankan rupees.