Abans Electricals PLC said its normalized net income for the fiscal first quarter ended June 30 came to 1.56 Sri Lankan rupees per share, a decrease of 62.1% from 4.12 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 8.0 million rupees, a decline of 62.2% from 21.1 million rupees in the prior-year period.
The normalized profit margin dropped to 1.2% from 2.2% in the year-earlier period.
Total revenue declined 28.1% on an annual basis to 676.7 million rupees from 941.1 million rupees, and total operating expenses decreased 23.6% on an annual basis to 671.4 million rupees from 879.3 million rupees.
Reported net income decreased 55.7% year over year to 12.8 million rupees, or 2.50 rupees per share, from 28.8 million rupees, or 5.63 rupees per share.
As of Aug. 14, US$1 was equivalent to 130.18 Sri Lankan rupees.
