Swadeshi Industrial Works PLC said its normalized net income for the fiscal first quarter ended June 30 came to 6.83 Sri Lankan rupees per share, a decline of 90.4% from 71.24 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 892,550 rupees, a decline of 90.4% from 9.3 million rupees in the prior-year period.
The normalized profit margin fell to 0.1% from 1.6% in the year-earlier period.
Total revenue increased 5.9% year over year to 609.5 million rupees from 575.5 million rupees, and total operating expenses climbed 8.9% on an annual basis to 596.4 million rupees from 547.5 million rupees.
Reported net income decreased 86.9% year over year to 1.4 million rupees, or 10.93 rupees per share, from 10.9 million rupees, or 83.36 rupees per share.
As of Aug. 15, US$1 was equivalent to 130.18 Sri Lankan rupees.
