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Maskeliya Plantations swings to loss in fiscal Q3

Maskeliya Plantations PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 42 Sri Lankan cents per share, compared with 41 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 22.7 million rupees, compared with income of 22.1 million rupees in the prior-year period.

The normalized profit margin dropped to negative 2.9% from 2.5% in the year-earlier period.

Total revenue decreased 12.1% year over year to 793.0 million rupees from 902.4 million rupees, and total operating expenses decreased 5.9% on an annual basis to 800.2 million rupees from 850.4 million rupees.

Reported net income came to a loss of 36.4 million rupees, or a loss of 67 cents per share, compared to income of 35.4 million rupees, or 66 cents per share, in the prior-year period.

As of Feb. 12, US$1 was equivalent to 132.72 Sri Lankan rupees.