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Balangoda Plantations Q3 loss widens 77.4% YOY

Balangoda Plantations PLC said its normalized net income for the third quarter was a loss of 3.98 Sri Lankan rupees per share, compared with a loss of 2.24 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 a loss of 94.0 million rupees, compared with a loss of 53.0 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 17.1% from negative 7.1% in the year-earlier period.

Total revenue decreased 26.4% year over year to 548.5 million rupees from 745.3 million rupees, and total operating expenses decreased 15.3% from the prior-year period to 687.4 million rupees from 811.4 million rupees.

Reported net income totaled a loss of 132.4 million rupees, or a loss of 5.60 rupees per share, compared to a loss of 66.2 million rupees, or a loss of 2.80 rupees per share, in the prior-year period.

As of Nov. 9, US$1 was equivalent to 141.93 Sri Lankan rupees.