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Hapugastenne Plantations Q2 loss narrows YOY

Hapugastenne Plantations PLC said its normalized net income for the second quarter amounted to a loss of 25 Sri Lankan cents per share, compared with a loss of 55 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 11.6 million rupees, compared with a loss of 25.5 million rupees in the prior-year period.

The normalized profit margin climbed to negative 1.3% from negative 2.5% in the year-earlier period.

Total revenue fell 9.7% year over year to 919.6 million rupees from 1.02 billion rupees, and total operating expenses decreased 12.0% from the prior-year period to 911.4 million rupees from 1.04 billion rupees.

Reported net income came to a loss of 19.0 million rupees, or a loss of 41 cents per share, compared to a loss of 46.5 million rupees, or a loss of 1 rupee per share, in the prior-year period.

As of Aug. 11, US$1 was equivalent to 145.44 Sri Lankan rupees.