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Good Hope fiscal Q1 profit falls YOY

Good Hope PLC said its normalized net income for the fiscal first quarter ended June 30 came to 3.36 Sri Lankan rupees per share, a decrease of 68.7% from 10.74 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 23.0 million rupees, a decrease of 68.8% from 73.8 million rupees in the year-earlier period.

The normalized profit margin dropped to 40.4% from 54.1% in the year-earlier period.

Total revenue decreased 58.2% on an annual basis to 57.0 million rupees from 136.5 million rupees, and total operating expenses rose 9.4% from the prior-year period to 20.2 million rupees from 18.4 million rupees.

Reported net income fell 76.5% on an annual basis to 27.2 million rupees, or 3.96 rupees per share, from 115.5 million rupees, or 16.81 rupees per share.

As of Aug. 14, US$1 was equivalent to 130.18 Sri Lankan rupees.