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Kelsey Developments swings to loss in fiscal Q2

Kelsey Developments PLC said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 90 Sri Lankan cents per share, compared with 82 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 15.7 million rupees, compared with income of 14.4 million rupees in the prior-year period.

Total revenue fell 79.7% year over year to 1.7 million rupees from 8.5 million rupees, and total operating expenses increased year over year to 28.9 million rupees from 9.9 million rupees.

Reported net income totaled a loss of 24.8 million rupees, or a loss of 1.42 rupees per share, compared to income of 18.3 million rupees, or 1.05 rupees per share, in the year-earlier period.

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