C M Holdings PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 2.41 Sri Lankan rupees per share, a decline of 64.0% from 6.70 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 36.6 million rupees, a decline of 64.1% from 101.9 million rupees in the year-earlier period.

The normalized profit margin dropped to 6.7% from 42.8% in the year-earlier period.

Total revenue rose on an annual basis to 542.8 million rupees from 238.2 million rupees, and total operating expenses increased on an annual basis to 482.0 million rupees from 86.0 million rupees.

Reported net income decreased 66.2% from the prior-year period to 49.7 million rupees, or 3.27 rupees per share, from 146.7 million rupees, or 9.65 rupees per share.

As of Nov. 13, US$1 was equivalent to 142.05 Sri Lankan rupees.