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Maskeliya Plantations fiscal Q4 loss narrows YOY

Maskeliya Plantations PLC said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 1.61 Sri Lankan rupees per share, compared with a loss of 2.13 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 a loss of 87.0 million rupees, compared with a loss of 114.8 million rupees in the year-earlier period.

The normalized profit margin increased to negative 10.9% from negative 13.7% in the year-earlier period.

Total revenue decreased year over year to 806.3 million rupees from 835.6 million rupees, and total operating expenses declined 9.8% year over year to 901.4 million rupees from 999.0 million rupees.

Reported net income totaled a loss of 133.7 million rupees, or a loss of 2.48 rupees per share, compared to a loss of 95.3 million rupees, or a loss of 1.77 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 5.49 rupees per share, compared with a loss of 3.16 rupees per share in the prior year.

Normalized net income was a loss of 296.3 million rupees, compared with a loss of 170.3 million rupees in the prior year.

Full-year total revenue fell 7.2% on an annual basis to 3.27 billion rupees from 3.53 billion rupees, and total operating expenses decreased year over year to 3.57 billion rupees from 3.70 billion rupees.

The company said reported net income totaled a loss of 468.5 million rupees, or a loss of 8.68 rupees per share, in the full year, compared with a loss of 184.1 million rupees, or a loss of 3.41 rupees per share, the prior year.

As of June 8, US$1 was equivalent to 145.54 Sri Lankan rupees.