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Kotagala Plantations fiscal Q1 loss widens YOY

Kotagala Plantations PLC said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 1.92 Sri Lankan rupees per share, compared with a loss of 94 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 a loss of 115.1 million rupees, compared with a loss of 56.6 million rupees in the prior-year period.

The normalized profit margin dropped to negative 5.3% from negative 2.4% in the year-earlier period.

Total revenue declined 6.3% on an annual basis to 2.17 billion rupees from 2.31 billion rupees, and total operating expenses decreased 5.4% year over year to 2.22 billion rupees from 2.35 billion rupees.

Reported net income came to a loss of 214.4 million rupees, or a loss of 3.57 rupees per share, compared to a loss of 91.7 million rupees, or a loss of 1.53 rupees per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 130.18 Sri Lankan rupees.