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Tea Smallholder Factories fiscal Q3 profit falls YOY

Tea Smallholder Factories PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 13 Sri Lankan cents per share, a decrease of 88.6% from 1.10 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.7 million rupees, a decrease of 88.7% from 33.0 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.6% from 5.1% in the year-earlier period.

Total revenue fell 9.2% on an annual basis to 585.7 million rupees from 645.2 million rupees, and total operating expenses decreased from the prior-year period to 578.8 million rupees from 591.1 million rupees.

Reported net income decreased 59.1% from the prior-year period to 15.5 million rupees, or 52 cents per share, from 37.9 million rupees, or 1.26 rupees per share.

As of Jan. 19, US$1 was equivalent to 131.88 Sri Lankan rupees.