Hayleys Fibre PLC said its normalized net income for the fiscal fourth quarter ended March 31 was 42 Sri Lankan cents per share, a decline of 16.9% from 51 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 3.5 million rupees, a decrease of 14.4% from 4.1 million rupees in the year-earlier period.

The normalized profit margin fell to 2.4% from 2.5% in the year-earlier period.

Total revenue fell 11.0% on an annual basis to 147.6 million rupees from 165.9 million rupees, and total operating expenses fell 14.7% year over year to 144.1 million rupees from 168.9 million rupees.

Reported net income fell 71.1% on an annual basis to 1.8 million rupees, or 22 cents per share, from 6.4 million rupees, or 79 cents per share.

For the year, the company's normalized net income totaled 55 cents per share, a decline of 74.6% from 2.16 rupees per share in the prior year.

Normalized net income was 4.4 million rupees, a fall of 74.6% from 17.3 million rupees in the prior year.

Full-year total revenue increased 7.8% from the prior-year period to 576.5 million rupees from 534.6 million rupees, and total operating expenses grew 12.6% year over year to 568.2 million rupees from 504.7 million rupees.

The company said reported net income fell 88.1% on an annual basis to 2.9 million rupees, or 37 cents per share, in the full year, from 24.7 million rupees, or 3.08 rupees per share.

As of May 29, US$1 was equivalent to 133.88 Sri Lankan rupees.