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Elpitiya Plantations swings to profit in fiscal Q1

Elpitiya Plantations PLC said its normalized net income for the fiscal first quarter ended June 30 was 78 Sri Lankan cents per share, compared with a loss of 10 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 56.8 million rupees, compared with a loss of 7.4 million rupees in the prior-year period.

The normalized profit margin increased to 8.1% from negative 1.2% in the year-earlier period.

Total revenue climbed 10.4% on an annual basis to 700.9 million rupees from 635.1 million rupees, and total operating expenses fell year over year to 637.1 million rupees from 651.0 million rupees.

Reported net income totaled 87.9 million rupees, or 1.21 rupees per share, compared to a loss of 13.6 million rupees, or a loss of 19 cents per share, in the prior-year period.

As of Aug. 15, US$1 was equivalent to 130.18 Sri Lankan rupees.