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Harischandra Mills fiscal Q2 profit climbs 58.6% YOY

Harischandra Mills PLC said its normalized net income for the fiscal second quarter ended Sept. 30 was 24.94 Sri Lankan rupees per share, a gain of 58.6% from 15.72 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 47.9 million rupees, a gain of 58.6% from 30.2 million rupees in the prior-year period.

The normalized profit margin rose to 6.7% from 4.4% in the year-earlier period.

Total revenue climbed on an annual basis to 712.3 million rupees from 679.6 million rupees, and total operating expenses increased year over year to 642.0 million rupees from 635.4 million rupees.

Reported net income rose 82.2% on an annual basis to 56.0 million rupees, or 29.19 rupees per share, from 30.8 million rupees, or 16.02 rupees per share.

As of Nov. 6, US$1 was equivalent to 141.62 Sri Lankan rupees.