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Ceylon Leather Products fiscal Q3 profit climbs YOY

Ceylon Leather Products PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 1.20 Sri Lankan rupees per share, an increase from 42 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 40.9 million rupees, a gain from 14.3 million rupees in the year-earlier period.

The normalized profit margin increased to 3.1% from 0.9% in the year-earlier period.

Total revenue increased 5.8% on an annual basis to 1.72 billion rupees from 1.62 billion rupees, and total operating expenses came to 1.62 billion rupees, compared with 1.63 billion rupees in the prior-year period.

Reported net income totaled 58.5 million rupees, or 1.71 rupees per share, compared to a loss of 5.4 million rupees, or a loss of 16 cents per share, in the prior-year period.

As of Feb. 12, US$1 was equivalent to 132.72 Sri Lankan rupees.