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Ceylon & Foreign Trades fiscal Q3 profit climbs 41.2% YOY

Ceylon and Foreign Trades PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 3 Sri Lankan cents per share, a gain of 24.5% from 2 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 4.2 million rupees, a gain of 41.2% from 3.0 million rupees in the year-earlier period.

The normalized profit margin increased to 3.9% from 3.2% in the year-earlier period.

Total revenue climbed 15.7% on an annual basis to 108.6 million rupees from 93.9 million rupees, and total operating expenses increased 19.7% from the prior-year period to 102.6 million rupees from 85.7 million rupees.

Reported net income grew 51.2% from the prior-year period to 6.1 million rupees, or 4 cents per share, from 4.0 million rupees, or 3 cents per share.

As of Feb. 17, US$1 was equivalent to 144.13 Sri Lankan rupees.