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Cargills fiscal Q1 profit falls YOY

Cargills (Ceylon) PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 23 Sri Lankan cents per share, a decline of 65.4% from 67 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 51.6 million rupees, a decrease of 65.5% from 149.7 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.8% from 1.0% in the year-earlier period.

Total revenue rose 8.0% on an annual basis to 15.91 billion rupees from 14.73 billion rupees, and total operating expenses increased 9.9% year over year to 15.49 billion rupees from 14.10 billion rupees.

Reported net income totaled a loss of 145.3 million rupees, or a loss of 65 cents per share, compared to income of 121.4 million rupees, or 54 cents per share, in the prior-year period.

As of Aug. 19, US$1 was equivalent to 130.18 Sri Lankan rupees.