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Bogawantalawa Tea Estates swings to profit in fiscal Q1

Bogawantalawa Tea Estates PLC said its normalized net income for the fiscal first quarter ended June 30 came to 24 Sri Lankan cents per share, compared with a loss of 21 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 19.7 million rupees, compared with a loss of 17.1 million rupees in the prior-year period.

The normalized profit margin rose to 2.0% from negative 1.8% in the year-earlier period.

Total revenue increased 5.4% on an annual basis to 975.6 million rupees from 925.1 million rupees, and total operating expenses declined year over year to 956.3 million rupees from 977.2 million rupees.

Reported net income totaled 31.6 million rupees, or 38 cents per share, compared to a loss of 27.3 million rupees, or a loss of 33 cents per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to 130.20 Sri Lankan rupees.