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Eastern Merchants fiscal Q2 loss widens YOY

Eastern Merchants PLC said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 17 Sri Lankan cents per share, compared with a loss of 5 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 19.8 million rupees, compared with a loss of 5.5 million rupees in the prior-year period.

The normalized profit margin declined to negative 7.4% from negative 1.2% in the year-earlier period.

Total revenue decreased 60.9% year over year to 175.5 million rupees from 449.0 million rupees, and total operating expenses decreased 56.0% from the prior-year period to 203.3 million rupees from 461.9 million rupees.

Reported net income totaled a loss of 32.8 million rupees, or a loss of 28 cents per share, compared to a loss of 13.6 million rupees, or a loss of 12 cents per share, in the prior-year period.

As of Nov. 14, US$1 was equivalent to 131 Sri Lankan rupees.