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Kelani Valley Plantations fiscal Q2 loss widens YOY

Kelani Valley Plantations PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 1.68 Sri Lankan rupees per share, compared with a loss of 28 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 a loss of 57.1 million rupees, compared with a loss of 9.4 million rupees in the year-earlier period.

The normalized profit margin fell to negative 3.8% from negative 0.6% in the year-earlier period.

Total revenue decreased year over year to 1.52 billion rupees from 1.59 billion rupees, and total operating expenses rose from the prior-year period to 1.60 billion rupees from 1.58 billion rupees.

Reported net income came to a loss of 88.3 million rupees, or a loss of 2.60 rupees per share, compared to a loss of 15.5 million rupees, or a loss of 46 cents per share, in the year-earlier period.

As of Nov. 6, US$1 was equivalent to 141.62 Sri Lankan rupees.