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Bairaha Farms fiscal Q1 profit falls YOY

Bairaha Farms PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 1.92 Sri Lankan rupees per share, a decline of 13.9% from 2.23 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 30.7 million rupees, a decline of 14.0% from 35.7 million rupees in the prior-year period.

The normalized profit margin declined to 3.7% from 4.5% in the year-earlier period.

Total revenue climbed on an annual basis to 831.3 million rupees from 796.1 million rupees, and total operating expenses climbed 5.7% on an annual basis to 780.4 million rupees from 738.0 million rupees.

Reported net income declined 18.2% from the prior-year period to 42.7 million rupees, or 2.67 rupees per share, from 52.2 million rupees, or 3.26 rupees per share.

As of Aug. 15, US$1 was equivalent to 130.18 Sri Lankan rupees.