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Ceylon Grain Elevators Q3 profit climbs 68.4% YOY


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Ceylon Grain Elevators Q3 profit climbs 68.4% YOY

Ceylon Grain Elevators PLC said its normalized net income for the third quarter was 4.19 Sri Lankan rupees per share, a gain of 68.4% from 2.49 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 251.4 million rupees, an increase of 68.4% from 149.3 million rupees in the year-earlier period.

The normalized profit margin rose to 6.9% from 4.2% in the year-earlier period.

Total revenue grew year over year to 3.62 billion rupees from 3.57 billion rupees, and total operating expenses fell from the prior-year period to 3.09 billion rupees from 3.20 billion rupees.

Reported net income increased 28.7% on an annual basis to 298.4 million rupees, or 4.97 rupees per share, from 231.8 million rupees, or 3.86 rupees per share.

As of Nov. 10, US$1 was equivalent to 147.68 Sri Lankan rupees.