Ceylon Leather Products PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 69 Sri Lankan cents per share, a decrease of 67.2% from 2.10 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 23.6 million rupees, a decrease of 67.2% from 72.0 million rupees in the prior-year period.

The normalized profit margin dropped to 1.2% from 3.9% in the year-earlier period.

Total revenue grew year over year to 1.90 billion rupees from 1.85 billion rupees, and total operating expenses grew 8.4% on an annual basis to 1.82 billion rupees from 1.68 billion rupees.

Reported net income fell 78.3% from the prior-year period to 20.5 million rupees, or 60 cents per share, from 94.3 million rupees, or 2.76 rupees per share.

As of Nov. 6, US$1 was equivalent to 141.62 Sri Lankan rupees.