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Browns Investments fiscal Q2 loss narrows YOY

Browns Investments PLC said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 2 Sri Lankan cents per share, compared with a loss of 4 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 32.8 million rupees, compared with a loss of 89.9 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 8.0% from negative 26.1% in the year-earlier period.

Total revenue rose 19.5% year over year to 412.3 million rupees from 344.9 million rupees, and total operating expenses rose 11.7% year over year to 454.4 million rupees from 406.9 million rupees.

Reported net income totaled a loss of 105.6 million rupees, or a loss of 5 cents per share, compared to a loss of 146.1 million rupees, or a loss of 7 cents per share, in the prior-year period.

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