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Cargills fiscal Q4 profit climbs 22.0% YOY

Cargills (Ceylon) PLC said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 62 Sri Lankan cents per share, an increase of 21.9% from 51 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 138.2 million rupees, an increase of 22.0% from 113.3 million rupees in the prior-year period.

The normalized profit margin increased to 0.9% from 0.9% in the year-earlier period.

Total revenue climbed 19.1% year over year to 14.80 billion rupees from 12.43 billion rupees, and total operating expenses climbed 20.3% year over year to 14.46 billion rupees from 12.02 billion rupees.

Reported net income declined 35.7% year over year to 297.2 million rupees, or 1.33 rupees per share, from 462.0 million rupees, or 2.07 rupees per share.

For the year, the company's normalized net income totaled 1.91 rupees per share, a decrease of 43.9% from 3.40 rupees per share in the prior year.

Normalized net income was 427.7 million rupees, a decrease of 43.9% from 762.3 million rupees in the prior year.

Full-year total revenue rose 9.8% from the prior-year period to 61.63 billion rupees from 56.15 billion rupees, and total operating expenses rose 11.9% year over year to 60.09 billion rupees from 53.70 billion rupees.

The company said reported net income fell 79.4% year over year to 223.4 million rupees, or 100 cents per share, in the full year, from 1.09 billion rupees, or 4.85 rupees per share.

As of July 8, US$1 was equivalent to 133.59 Sri Lankan rupees.