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Watawala Plantations fiscal Q2 profit climbs YOY

Watawala Plantations PLC said its normalized net income for the fiscal second quarter ended Sept. 30 came to 40 Sri Lankan cents per share, an increase from 12 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 95.8 million rupees, a gain from 28.1 million rupees in the year-earlier period.

The normalized profit margin rose to 6.1% from 1.6% in the year-earlier period.

Total revenue decreased 13.0% year over year to 1.57 billion rupees from 1.80 billion rupees, and total operating expenses declined 19.9% from the prior-year period to 1.39 billion rupees from 1.74 billion rupees.

Reported net income rose from the prior-year period to 131.1 million rupees, or 55 cents per share, from 31.2 million rupees, or 13 cents per share.

As of Oct. 26, US$1 was equivalent to 141.12 Sri Lankan rupees.