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.
