Ceylon & Foreign Trades PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 2 Sri Lankan cents per share, a decline of 34.1% from 3 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 3.0 million rupees, a decrease of 30.9% from 4.3 million rupees in the year-earlier period.
The normalized profit margin dropped to 3.2% from 3.3% in the year-earlier period.
Total revenue fell 28.3% on an annual basis to 93.9 million rupees from 130.9 million rupees, and total operating expenses fell 29.0% year over year to 85.7 million rupees from 120.8 million rupees.
Reported net income decreased 37.1% from the prior-year period to 4.0 million rupees, or 3 cents per share, from 6.4 million rupees, or 5 cents per share.
As of Feb. 16, US$1 was equivalent to 133.00 Sri Lankan rupees.
