Swadeshi Industrial Works PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 21.50 Sri Lankan rupees per share, compared with a loss of 30.03 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 2.8 million rupees, compared with a loss of 3.9 million rupees in the prior-year period.

The normalized profit margin increased to 0.6% from negative 0.7% in the year-earlier period.

Total revenue fell 20.1% on an annual basis to 477.8 million rupees from 597.9 million rupees, and total operating expenses decreased 22.2% from the prior-year period to 461.0 million rupees from 592.5 million rupees.

Reported net income totaled 4.5 million rupees, or 34.40 rupees per share, compared to a loss of 6.3 million rupees, or a loss of 48.05 rupees per share, in the year-earlier period.

As of Feb. 15, US$1 was equivalent to 144.09 Sri Lankan rupees.