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Browns Capital fiscal Q2 loss narrows YOY

Browns Capital PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 4.3 million rupees, compared with a loss of 38.7 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 negative 1.1% from negative 2.1% in the year-earlier period.

Total revenue fell 19.4% on an annual basis to 1.45 billion rupees from 1.80 billion rupees, and total operating expenses decreased 18.1% from the prior-year period to 1.50 billion rupees from 1.84 billion rupees.

Reported net income came to a loss of 49.5 million rupees, or a loss of 5 cents per share, compared to a loss of 76.2 million rupees, or a loss of 24 cents per share, in the year-earlier period.

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