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Ceylon Tea Brokers fiscal Q1 profit climbs 5.5% YOY

Ceylon Tea Brokers PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 12 Sri Lankan cents per share, a gain of 5.4% from 11 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 13.1 million rupees, a gain of 5.5% from 12.4 million rupees in the prior-year period.

The normalized profit margin dropped to 11.4% from 21.5% in the year-earlier period.

Total revenue rose 18.0% on an annual basis to 68.2 million rupees from 57.8 million rupees, and total operating expenses climbed 21.3% from the prior-year period to 62.8 million rupees from 51.8 million rupees.

Reported net income grew from the prior-year period to 15.0 million rupees, or 13 cents per share, from 14.8 million rupees, or 13 cents per share.

As of Aug. 12, US$1 was equivalent to 130.20 Sri Lankan rupees.