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Lanka Century Investments fiscal Q1 profit climbs YOY

Lanka Century Investments PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 22.2 million rupees, a rise from 2.7 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 1.3% from 0.1% in the year-earlier period.

Total revenue increased 17.8% on an annual basis to 2.27 billion rupees from 1.92 billion rupees, and total operating expenses rose 14.8% from the prior-year period to 2.12 billion rupees from 1.85 billion rupees.

Reported net income increased from the prior-year period to 55.9 million rupees, or 16 cents per share, from 9.8 million rupees, or 3 cents per share.

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