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Hayleys Fibre swings to loss in fiscal Q3

Hayleys Fibre PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 48 Sri Lankan cents per share, compared with 24 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 a loss of 3.8 million rupees, compared with income of 2.0 million rupees in the prior-year period.

The normalized profit margin fell to negative 3.2% from 1.2% in the year-earlier period.

Total revenue decreased 25.7% year over year to 119.0 million rupees from 160.1 million rupees, and total operating expenses declined 19.6% on an annual basis to 120.8 million rupees from 150.2 million rupees.

Reported net income came to a loss of 6.1 million rupees, or a loss of 76 cents per share, compared to income of 3.1 million rupees, or 39 cents per share, in the year-earlier period.

As of Feb. 5, US$1 was equivalent to 132.28 Sri Lankan rupees.