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Horana Plantations fiscal Q2 loss widens YOY

Horana Plantations PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 1.09 Sri Lankan rupees per share, compared with a loss of 30 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 a loss of 27.1 million rupees, compared with a loss of 7.4 million rupees in the prior-year period.

The normalized profit margin fell to negative 6.9% from negative 1.3% in the year-earlier period.

Total revenue fell 32.1% year over year to 390.5 million rupees from 575.3 million rupees, and total operating expenses declined 26.8% on an annual basis to 424.9 million rupees from 580.3 million rupees.

Reported net income totaled a loss of 38.2 million rupees, or a loss of 1.53 rupees per share, compared to a loss of 14.8 million rupees, or a loss of 59 cents per share, in the year-earlier period.

As of Nov. 3, US$1 was equivalent to 141.08 Sri Lankan rupees.