Lankem Developments PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 26 Sri Lankan cents per share, compared with 3 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 15.6 million rupees, compared with income of 1.6 million rupees in the year-earlier period.
The normalized profit margin fell to negative 1.9% from 0.2% in the year-earlier period.
Total revenue fell 9.6% on an annual basis to 815.8 million rupees from 902.2 million rupees, and total operating expenses decreased on an annual basis to 881.2 million rupees from 893.0 million rupees.
Reported net income totaled a loss of 49.0 million rupees, or a loss of 82 cents per share, compared to a loss of 5.6 million rupees, or a loss of 9 cents per share, in the year-earlier period.
As of Feb. 10, US$1 was equivalent to 132.84 Sri Lankan rupees.
