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Swadeshi Industrial Works swings to loss in fiscal Q1

Swadeshi Industrial Works PLC said its normalized net income for the fiscal first quarter ended June 30 was a loss of 4.46 Sri Lankan rupees per share, compared with 6.83 rupees 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 582,570 rupees, compared with income of 892,550 rupees in the prior-year period.

The normalized profit margin declined to negative 0.1% from 0.1% in the year-earlier period.

Total revenue fell 22.8% on an annual basis to 470.7 million rupees from 609.5 million rupees, and total operating expenses fell 22.7% year over year to 461.1 million rupees from 596.4 million rupees.

Reported net income came to a loss of 932,110 rupees, or a loss of 7.13 rupees per share, compared to income of 1.4 million rupees, or 10.93 rupees per share, in the year-earlier period.

As of Aug. 18, US$1 was equivalent to 133.99 Sri Lankan rupees.