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Convenience Foods (Lanka) fiscal Q2 profit climbs 55.1% YOY

Convenience Foods (Lanka) PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 7.07 Sri Lankan rupees per share, an increase of 55.1% from 4.56 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 19.4 million rupees, a gain of 55.1% from 12.5 million rupees in the year-earlier period.

The normalized profit margin rose to 5.1% from 3.8% in the year-earlier period.

Total revenue climbed 34.1% year over year to 442.8 million rupees from 330.2 million rupees, and total operating expenses climbed 33.9% year over year to 414.7 million rupees from 309.6 million rupees.

Reported net income increased 66.6% from the prior-year period to 22.4 million rupees, or 8.15 rupees per share, from 13.4 million rupees, or 4.89 rupees per share.

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