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Tea Smallholder Factories swings to loss in fiscal Q4

Tea Smallholder Factories PLC said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 71 Sri Lankan cents per share, compared with 38 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 a loss of 21.2 million rupees, compared with income of 11.3 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 4.0% from 1.6% in the year-earlier period.

Total revenue fell 24.8% on an annual basis to 527.7 million rupees from 701.8 million rupees, and total operating expenses declined 17.4% from the prior-year period to 562.0 million rupees from 680.6 million rupees.

Reported net income came to a loss of 2.4 million rupees, or a loss of 8 cents per share, compared to income of 20.6 million rupees, or 69 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 9 cents per share, a decline of 95.8% from 2.15 rupees per share in the prior year.

Normalized net income was 2.7 million rupees, a decrease of 95.8% from 64.6 million rupees in the prior year.

Full-year total revenue fell 5.9% year over year to 2.52 billion rupees from 2.68 billion rupees, and total operating expenses decreased on an annual basis to 2.51 billion rupees from 2.56 billion rupees.

The company said reported net income declined 55.8% year over year to 36.0 million rupees, or 1.20 rupees per share, in the full year, from 81.5 million rupees, or 2.72 rupees per share.

As of June 5, US$1 was equivalent to 133.86 Sri Lankan rupees.