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Browns Capital fiscal Q3 loss narrows YOY

Browns Capital PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 4.4 million rupees, compared with a loss of 284.3 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 2.8% from negative 16.8% in the year-earlier period.

Total revenue decreased 19.3% on an annual basis to 1.37 billion rupees from 1.69 billion rupees, and total operating expenses fell 24.1% from the prior-year period to 1.28 billion rupees from 1.69 billion rupees.

Reported net income came to a loss of 32.4 million rupees, or a loss of 2 cents per share, compared to income of 238.3 million rupees, or 17 cents per share, in the prior-year period.

As of Feb. 15, US$1 was equivalent to 144.09 Sri Lankan rupees.