Tea Smallholder Factories PLC said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 150,630 rupees, compared with income of 17.0 million 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 declined to negative 0.0% from 2.7% in the year-earlier period.

Total revenue decreased 18.2% on an annual basis to 516.2 million rupees from 631.1 million rupees, and total operating expenses declined 14.3% on an annual basis to 516.1 million rupees from 601.9 million rupees.

Reported net income came to a loss of 326,000 rupees, or a loss of 1 cents per share, compared to income of 19.4 million rupees, or 65 cents per share, in the prior-year period.

As of July 21, US$1 was equivalent to 133.85 Sri Lankan rupees.