Tea Smallholder Factories PLC said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 37 Sri Lankan cents per share, compared with 11 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 10.9 million rupees, compared with income of 3.2 million rupees in the prior-year period.

The normalized profit margin dropped to negative 2.3% from 0.4% in the year-earlier period.

Total revenue decreased 39.1% on an annual basis to 470.6 million rupees from 773.3 million rupees, and total operating expenses declined 36.2% on an annual basis to 488.4 million rupees from 765.8 million rupees.

Reported net income came to a loss of 12.8 million rupees, or a loss of 43 cents per share, compared to income of 3.5 million rupees, or 12 cents per share, in the prior-year period.

As of Oct. 30, US$1 was equivalent to 140.72 Sri Lankan rupees.