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Watawala Plantations swings to loss in fiscal Q4

Watawala Plantations PLC said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 32 Sri Lankan cents per share, compared with 49 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 38.3 million rupees, compared with income of 115.6 million rupees in the year-earlier period.

The normalized profit margin declined to negative 3.9% from 6.7% in the year-earlier period.

Total revenue fell 8.7% on an annual basis to 1.57 billion rupees from 1.72 billion rupees, and total operating expenses grew 6.9% from the prior-year period to 1.61 billion rupees from 1.51 billion rupees.

Reported net income came to a loss of 18.0 million rupees, or a loss of 15 cents per share, compared to income of 186.5 million rupees, or 79 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 1.19 rupees per share, a decrease of 17.7% from 1.44 rupees per share in the prior year.

Normalized net income was 280.8 million rupees, a fall of 17.7% from 341.2 million rupees in the prior year.

Full-year total revenue grew 9.6% year over year to 6.85 billion rupees from 6.25 billion rupees, and total operating expenses increased 12.7% year over year to 6.31 billion rupees from 5.60 billion rupees.

The company said reported net income declined 21.4% on an annual basis to 390.7 million rupees, or 1.65 rupees per share, in the full year, from 497.2 million rupees, or 2.10 rupees per share.

As of June 8, US$1 was equivalent to 133.99 Sri Lankan rupees.