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Ceylon & Foreign Trades fiscal Q2 profit climbs YOY

Ceylon & Foreign Trades PLC said its normalized net income for the fiscal second quarter ended Sept. 30 was 1.9 million rupees, an increase from 812,670 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 1.7% from 0.6% in the year-earlier period.

Total revenue fell 23.9% year over year to 111.8 million rupees from 146.9 million rupees, and total operating expenses declined 26.6% on an annual basis to 104.5 million rupees from 142.5 million rupees.

Reported net income increased year over year to 2.2 million rupees, or 4 cents per share, from 780,110 rupees, or 1 cents per share.

As of Nov. 18, US$1 was equivalent to 131.05 Sri Lankan rupees.