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Harischandra Mills fiscal Q1 profit climbs 35.4% YOY

Harischandra Mills PLC said its normalized net income for the fiscal first quarter ended June 30 came to 15.01 Sri Lankan rupees per share, an increase of 35.4% from 11.09 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 28.8 million rupees, a gain of 35.4% from 21.3 million rupees in the year-earlier period.

The normalized profit margin increased to 4.6% from 3.5% in the year-earlier period.

Total revenue increased on an annual basis to 625.7 million rupees from 608.7 million rupees, and total operating expenses totaled 581.7 million rupees, compared with 579.2 million rupees in the prior-year period.

Reported net income rose 35.4% year over year to 33.2 million rupees, or 17.30 rupees per share, from 24.5 million rupees, or 12.78 rupees per share.

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