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Balangoda Plantations Q3 loss narrows YOY

Balangoda Plantations PLC said its third-quarter normalized net income was a loss of 1.82 Sri Lankan rupees per share, compared with a loss of 3.98 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 43.1 million rupees, compared with a loss of 94.0 million rupees in the prior-year period.

The normalized profit margin rose to negative 7.6% from negative 17.1% in the year-earlier period.

Total revenue climbed on an annual basis to 564.4 million rupees from 548.5 million rupees, and total operating expenses decreased 8.1% from the prior-year period to 631.9 million rupees from 687.4 million rupees.

Reported net income totaled a loss of 51.0 million rupees, or a loss of 2.16 rupees per share, compared to a loss of 132.4 million rupees, or a loss of 5.60 rupees per share, in the prior-year period.

As of Nov. 8, US$1 was equivalent to 147.86 Sri Lankan rupees.