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Convenience Foods (Lanka) fiscal Q3 profit climbs 80.6% YOY

Convenience Foods (Lanka) PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 14.04 Sri Lankan rupees per share, an increase of 80.5% from 7.78 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 38.6 million rupees, a gain of 80.6% from 21.4 million rupees in the year-earlier period.

The normalized profit margin climbed to 8.1% from 6.2% in the year-earlier period.

Total revenue climbed 39.1% on an annual basis to 479.0 million rupees from 344.3 million rupees, and total operating expenses climbed 33.8% year over year to 418.5 million rupees from 312.7 million rupees.

Reported net income increased 99.3% from the prior-year period to 43.1 million rupees, or 15.68 rupees per share, from 21.6 million rupees, or 7.87 rupees per share.

As of Feb. 11, US$1 was equivalent to 132.80 Sri Lankan rupees.