Elpitiya Plantations PLC said its normalized net income for the fiscal first quarter ended June 30 came to 47 Sri Lankan cents per share, a decline of 39.9% from 78 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 34.3 million rupees, a decline of 39.7% from 56.8 million rupees in the prior-year period.

The normalized profit margin fell to 5.1% from 8.1% in the year-earlier period.

Total revenue fell on an annual basis to 675.7 million rupees from 700.9 million rupees, and total operating expenses totaled 638.6 million rupees, compared with 637.1 million rupees in the prior-year period.

Reported net income fell 41.1% from the prior-year period to 51.8 million rupees, or 71 cents per share, from 87.9 million rupees, or 1.21 rupees per share.

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