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Browns Investments fiscal Q1 loss narrows YOY

Browns Investments PLC said its normalized net income for the fiscal first quarter ended June 30 was a loss of 7.5 million rupees, compared with a loss of 54.5 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to negative 3.3% from negative 22.8% in the year-earlier period.

Total revenue declined 5.4% on an annual basis to 225.8 million rupees from 238.7 million rupees, and total operating expenses climbed year over year to 301.7 million rupees from 296.8 million rupees.

Reported net income totaled a loss of 63.1 million rupees, or a loss of 3 cents per share, compared to income of 64.3 million rupees, or 3 cents per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 130.18 Sri Lankan rupees.