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Raigam Wayamba lterns fiscal Q2 profit falls YOY

Raigam Wayamba Salterns PLC said its normalized net income for the fiscal second quarter ended Sept. 30 was 3 Sri Lankan cents per share, a decline of 42.9% from 4 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 7.0 million rupees, a decline of 44.2% from 12.5 million rupees in the prior-year period.

The normalized profit margin dropped to 7.1% from 9.9% in the year-earlier period.

Total revenue decreased 22.7% year over year to 97.5 million rupees from 126.1 million rupees, and total operating expenses fell 18.0% on an annual basis to 86.5 million rupees from 105.4 million rupees.

Reported net income fell 44.2% from the prior-year period to 11.1 million rupees, or 4 cents per share, from 19.9 million rupees, or 7 cents per share.

As of Nov. 14, US$1 was equivalent to 131 Sri Lankan rupees.