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Renuka Foods fiscal Q3 profit falls YOY

Renuka Foods PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 23 Sri Lankan cents per share, a decrease of 52.8% from 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 21.8 million rupees, a decline of 53.0% from 46.5 million rupees in the prior-year period.

The normalized profit margin dropped to 1.3% from 3.2% in the year-earlier period.

Total revenue grew 17.0% year over year to 1.68 billion rupees from 1.43 billion rupees, and total operating expenses increased 13.4% from the prior-year period to 1.54 billion rupees from 1.36 billion rupees.

Reported net income rose 5.3% from the prior-year period to 66.8 million rupees, or 71 cents per share, from 63.4 million rupees, or 67 cents per share.

As of Feb. 6, US$1 was equivalent to 132.96 Sri Lankan rupees.