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Madulsima Plantations Q2 loss narrows YOY

Madulsima Plantations PLC said its second-quarter normalized net income was a loss of 15 Sri Lankan cents per share, compared with a loss of 11 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 25.1 million rupees, compared with a loss of 33.5 million rupees in the prior-year period.

The normalized profit margin climbed to negative 4.3% from negative 6.0% in the year-earlier period.

Total revenue increased 6.3% on an annual basis to 589.7 million rupees from 554.7 million rupees, and total operating expenses climbed from the prior-year period to 599.1 million rupees from 585.9 million rupees.

Reported net income totaled 14.4 million rupees, or 8 cents per share, compared to a loss of 3.7 million rupees, or a loss of 1 cents per share, in the prior-year period.

As of Aug. 9, US$1 was equivalent to 145.62 Sri Lankan rupees.