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Raigam Wayamba lterns fiscal Q1 profit falls YOY

Raigam Wayamba Salterns PLC said its normalized net income for the fiscal first quarter ended June 30 was 1 Sri Lankan cents per share, a decrease of 47.7% from 2 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 3.3 million rupees, a decline of 32.3% from 4.9 million rupees in the year-earlier period.

The normalized profit margin dropped to 4.4% from 6.3% in the year-earlier period.

Total revenue declined on an annual basis to 75.5 million rupees from 78.6 million rupees, and total operating expenses totaled 71.1 million rupees, compared with 70.6 million rupees in the year-earlier period.

Reported net income fell 13.7% year over year to 5.4 million rupees, or 2 cents per share, from 6.2 million rupees, or 3 cents per share.

As of Aug. 14, US$1 was equivalent to 134.55 Sri Lankan rupees.