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Teejay Lanka fiscal Q1 profit falls YOY

Teejay Lanka PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 15 Sri Lankan cents per share, a decline of 36.8% from 24 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 100.6 million rupees, a decrease of 36.1% from 157.5 million rupees in the prior-year period.

The normalized profit margin declined to 3.8% from 5.5% in the year-earlier period.

Total revenue decreased 6.6% year over year to 2.68 billion rupees from 2.87 billion rupees, and total operating expenses decreased year over year to 2.56 billion rupees from 2.64 billion rupees.

Reported net income declined 31.7% year over year to 164.1 million rupees, or 25 cents per share, from 240.2 million rupees, or 37 cents per share.

As of Aug. 7, US$1 was equivalent to 130.19 Sri Lankan rupees.