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Ceylon Tea Brokers fiscal Q4 profit falls YOY

Ceylon Tea Brokers PLC said its normalized net income for the fiscal fourth quarter ended March 31 was 3 Sri Lankan cents per share, a decrease of 62.5% from 9 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 3.9 million rupees, a decrease of 59.9% from 9.8 million rupees in the year-earlier period.

The normalized profit margin fell to 4.1% from 13.7% in the year-earlier period.

Total revenue declined 14.9% year over year to 60.8 million rupees from 71.5 million rupees, and total operating expenses decreased 12.2% from the prior-year period to 87.9 million rupees from 100.1 million rupees.

Reported net income declined 56.8% year over year to 4.5 million rupees, or 4 cents per share, from 10.4 million rupees, or 9 cents per share.

For the year, the company's normalized net income totaled 40 cents per share, a fall of 5.7% from 42 cents per share in the prior year.

Normalized net income was 45.5 million rupees, a fall of 5.7% from 48.3 million rupees in the prior year.

Full-year total revenue grew 7.4% year over year to 278.3 million rupees from 259.2 million rupees, and total operating expenses increased 8.4% on an annual basis to 283.3 million rupees from 261.4 million rupees.

The company said reported net income declined year over year to 54.7 million rupees, or 48 cents per share, in the full year, from 56.2 million rupees, or 49 cents per share.

As of July 20, US$1 was equivalent to 133.91 Sri Lankan rupees.