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Bogawantalawa Tea Estates swings to profit in fiscal Q3

Bogawantalawa Tea Estates PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 8 Sri Lankan cents per share, compared with a loss of 12 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 7.0 million rupees, compared with a loss of 10.0 million rupees in the year-earlier period.

The normalized profit margin rose to 0.6% from negative 1.1% in the year-earlier period.

Total revenue rose 5.0% on an annual basis to 930.9 million rupees from 887.0 million rupees, and total operating expenses fell year over year to 922.5 million rupees from 936.5 million rupees.

Reported net income came to 11.1 million rupees, or 13 cents per share, compared to a loss of 15.9 million rupees, or a loss of 19 cents per share, in the prior-year period.

As of Feb. 12, US$1 was equivalent to 132.72 Sri Lankan rupees.