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Lanka Milk Foods swings to profit in fiscal Q2

Lanka Milk Foods (CWE) PLC said its normalized net income for the fiscal second quarter ended Sept. 30 was 69 Sri Lankan cents per share, compared with a loss of 10 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 27.4 million rupees, compared with a loss of 4.0 million rupees in the prior-year period.

The normalized profit margin climbed to 2.7% from negative 0.3% in the year-earlier period.

Total revenue declined 30.1% year over year to 1.02 billion rupees from 1.46 billion rupees, and total operating expenses declined 32.8% on an annual basis to 959.3 million rupees from 1.43 billion rupees.

Reported net income totaled 45.5 million rupees, or 1.14 rupees per share, compared to a loss of 3.3 million rupees, or a loss of 8 cents per share, in the prior-year period.

As of Nov. 14, US$1 was equivalent to 131 Sri Lankan rupees.