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HVA Foods swings to loss in fiscal Q1

HVA Foods PLC said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 7 Sri Lankan cents per share, compared with 8 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 4.5 million rupees, compared with income of 5.6 million rupees in the prior-year period.

The normalized profit margin declined to negative 2.3% from 2.9% in the year-earlier period.

Total revenue declined year over year to 191.9 million rupees from 197.1 million rupees, and total operating expenses increased 5.6% on an annual basis to 194.3 million rupees from 183.9 million rupees.

Reported net income came to a loss of 8.6 million rupees, or a loss of 13 cents per share, compared to income of 8.1 million rupees, or 12 cents per share, in the year-earlier period.

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