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Ceylon Leather Products fiscal Q1 profit falls YOY

Ceylon Leather Products PLC said its normalized net income for the fiscal first quarter ended June 30 came to 2 Sri Lankan cents per share, a decline of 98.9% from 1.36 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 536,630 rupees, a decline of 98.8% from 46.5 million rupees in the prior-year period.

The normalized profit margin declined to 1.4% from 2.9% in the year-earlier period.

Total revenue declined 5.3% year over year to 1.51 billion rupees from 1.60 billion rupees, and total operating expenses increased on an annual basis to 1.49 billion rupees from 1.45 billion rupees.

Reported net income came to a loss of 9.1 million rupees, or a loss of 26 cents per share, compared to income of 96.9 million rupees, or 2.83 rupees per share, in the prior-year period.

As of July 28, US$1 was equivalent to 133.59 Sri Lankan rupees.