Kahawatte Plantations PLC said its normalized net income for the first quarter was a loss of 33 Sri Lankan cents per share, compared with 23 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 26.7 million rupees, compared with income of 18.9 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 3.6% from 2.3% in the year-earlier period.

Total revenue declined 8.5% year over year to 749.6 million rupees from 818.9 million rupees, and total operating expenses grew from the prior-year period to 775.5 million rupees from 767.0 million rupees.

Reported net income totaled a loss of 42.6 million rupees, or a loss of 53 cents per share, compared to income of 28.3 million rupees, or 35 cents per share, in the year-earlier period.

As of May 14, US$1 was equivalent to 133.51 Sri Lankan rupees.