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Ceylon Tea Brokers fiscal Q2 profit falls YOY

Ceylon Tea Brokers PLC said its normalized net income for the fiscal second quarter ended Sept. 30 came to 4 Sri Lankan cents per share, a decline of 72.9% from 16 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 5.2 million rupees, a decrease of 71.1% from 17.9 million rupees in the year-earlier period.

The normalized profit margin fell to 6.1% from 14.9% in the year-earlier period.

Total revenue fell 28.9% year over year to 85.6 million rupees from 120.3 million rupees, and total operating expenses declined 11.2% from the prior-year period to 62.4 million rupees from 70.2 million rupees.

Reported net income declined 73.3% year over year to 6.0 million rupees, or 5 cents per share, from 22.6 million rupees, or 20 cents per share.

As of Nov. 3, US$1 was equivalent to 141.08 Sri Lankan rupees.