trending Market Intelligence /marketintelligence/en/news-insights/trending/KDfCj90JcRT-4KnxLlHWDQ2 content esgSubNav
In This List

Tea Smallholder Factories swings to loss in fiscal Q2

Podcast

Next in Tech | Episode 66: Connected vehicles in transition

Blog

Gold - Geopolitical tensions and inflation remain key drivers

Blog

Lithium and Cobalt - Softer demand weighs on prices

Podcast

Street Talk | Episode 94: Recessionary fears in ’22 overblown, Fed could overtighten


Tea Smallholder Factories swings to loss in fiscal Q2

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.