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Renuka Foods swings to profit in fiscal Q4

Renuka Foods PLC said its normalized net income for the fiscal fourth quarter ended March 31 came to 13 Sri Lankan cents per share, compared with a loss of 63 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 12.4 million rupees, compared with a loss of 59.2 million rupees in the prior-year period.

Total revenue grew 17.0% year over year to 1.65 billion rupees from 1.41 billion rupees, and total operating expenses grew 8.1% on an annual basis to 1.63 billion rupees from 1.51 billion rupees.

Reported net income totaled 3.6 million rupees, or 4 cents per share, compared to a loss of 27.7 million rupees, or a loss of 29 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 76 cents per share, an increase from 4 cents per share in the prior year.

Normalized net income was 72.4 million rupees, an increase from 3.6 million rupees in the prior year.

Full-year total revenue grew 15.0% on an annual basis to 6.35 billion rupees from 5.52 billion rupees, and total operating expenses rose 9.8% year over year to 5.93 billion rupees from 5.40 billion rupees.

The company said reported net income increased on an annual basis to 191.2 million rupees, or 2.02 rupees per share, in the full year, from 92.3 million rupees, or 98 cents per share.

As of Aug. 5, US$1 was equivalent to 133.51 Sri Lankan rupees.