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Ceylon Tea Brokers fiscal Q1 profit falls YOY

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Ceylon Tea Brokers fiscal Q1 profit falls YOY

Ceylon Tea Brokers PLC said its normalized net income for the fiscal first quarter ended June 30 came to 5 Sri Lankan cents per share, a decrease of 57.2% from 11 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 5.5 million rupees, a decline of 57.9% from 13.1 million rupees in the year-earlier period.

The normalized profit margin fell to 6.2% from 11.4% in the year-earlier period.

Total revenue fell 50.0% year over year to 57.7 million rupees from 115.4 million rupees, and total operating expenses declined on an annual basis to 63.9 million rupees from 66.4 million rupees.

Reported net income decreased 62.3% year over year to 5.6 million rupees, or 5 cents per share, from 15.0 million rupees, or 13 cents per share.

As of Aug. 11, US$1 was equivalent to 133.87 Sri Lankan rupees.