Watawala Plantations PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 54 Sri Lankan cents per share, a gain of 7.0% from 50 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 126.9 million rupees, a gain of 6.7% from 118.9 million rupees in the year-earlier period.

The normalized profit margin increased to 9.3% from 7.4% in the year-earlier period.

Total revenue decreased 14.8% on an annual basis to 1.36 billion rupees from 1.60 billion rupees, and total operating expenses declined 17.8% on an annual basis to 1.14 billion rupees from 1.39 billion rupees.

Reported net income increased 20.6% on an annual basis to 176.9 million rupees, or 75 cents per share, from 146.6 million rupees, or 62 cents per share.

As of Jan. 26, US$1 was equivalent to 144.13 Sri Lankan rupees.