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HVA Foods fiscal Q4 loss narrows YOY

HVA Foods PLC said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 1 Sri Lankan cents per share, compared with a loss of 7 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 836,440 rupees, compared with a loss of 5.0 million rupees in the prior-year period.

The normalized profit margin increased to negative 0.5% from negative 2.9% in the year-earlier period.

Total revenue increased 5.6% year over year to 178.5 million rupees from 169.0 million rupees, and total operating expenses decreased 6.7% from the prior-year period to 171.9 million rupees from 184.2 million rupees.

Reported net income totaled 5.8 million rupees, or 7 cents per share, compared to a loss of 12.8 million rupees, or a loss of 19 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 5 cents per share, compared with a loss of 9 cents per share in the prior year.

Normalized net income was a loss of 3.4 million rupees, compared with a loss of 6.0 million rupees in the prior year.

Full-year total revenue increased 13.9% on an annual basis to 824.1 million rupees from 723.7 million rupees, and total operating expenses increased 11.0% year over year to 807.7 million rupees from 727.8 million rupees.

The company said reported net income came to a loss of 2.4 million rupees, or a loss of 4 cents per share, in the full year, compared with a loss of 17.4 million rupees, or a loss of 26 cents per share, the prior year.

As of Aug. 7, US$1 was equivalent to 133.75 Sri Lankan rupees.