Elpitiya Plantations PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 54 Sri Lankan cents per share, a decrease of 67.8% from 1.69 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 39.7 million rupees, a decrease of 67.7% from 123.1 million rupees in the year-earlier period.
The normalized profit margin dropped to 6.2% from 14.6% in the year-earlier period.
Total revenue fell 24.4% year over year to 639.2 million rupees from 845.6 million rupees, and total operating expenses declined 14.5% year over year to 604.4 million rupees from 706.6 million rupees.
Reported net income fell 68.3% on an annual basis to 60.6 million rupees, or 83 cents per share, from 190.8 million rupees, or 2.62 rupees per share.
As of Feb. 12, US$1 was equivalent to 132.72 Sri Lankan rupees.
