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Carson Cumberbatch swings to profit in fiscal Q2

Carson Cumberbatch PLC said its normalized net income for the fiscal second quarter ended Sept. 30 came to 3.88 Sri Lankan rupees per share, compared with a loss of 2.85 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 763.0 million rupees, compared with a loss of 559.2 million rupees in the prior-year period.

The normalized profit margin rose to 3.7% from negative 3.3% in the year-earlier period.

Total revenue increased 23.6% year over year to 20.67 billion rupees from 16.72 billion rupees, and total operating expenses rose 18.8% year over year to 18.10 billion rupees from 15.23 billion rupees.

Reported net income came to 387.1 million rupees, or 1.97 rupees per share, compared to a loss of 828.7 million rupees, or a loss of 4.22 rupees per share, in the prior-year period.

As of Nov. 14, US$1 was equivalent to 131 Sri Lankan rupees.