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Convenience Foods (Lanka) fiscal Q1 profit climbs 35.8% YOY

Convenience Foods (Lanka) PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 6.20 Sri Lankan rupees per share, a gain of 36.0% 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 17.0 million rupees, a gain of 35.8% from 12.5 million rupees in the year-earlier period.

The normalized profit margin rose to 4.9% from 4.5% in the year-earlier period.

Total revenue grew 24.2% year over year to 345.2 million rupees from 277.8 million rupees, and total operating expenses increased 24.5% year over year to 318.9 million rupees from 256.1 million rupees.

Reported net income rose 35.8% from the prior-year period to 19.6 million rupees, or 7.14 rupees per share, from 14.4 million rupees, or 5.25 rupees per share.

As of Aug. 14, US$1 was equivalent to 130.18 Sri Lankan rupees.