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Hayleys Fibre fiscal Q1 profit falls YOY

Hayleys Fibre PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 23 Sri Lankan cents per share, a decline of 70.0% from 78 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 1.9 million rupees, a decline of 70.1% from 6.2 million rupees in the prior-year period.

The normalized profit margin dropped to 1.1% from 6.1% in the year-earlier period.

Total revenue rose 65.1% year over year to 167.7 million rupees from 101.6 million rupees, and total operating expenses increased 78.7% from the prior-year period to 162.3 million rupees from 90.8 million rupees.

Reported net income fell 70.1% year over year to 2.6 million rupees, or 33 cents per share, from 8.8 million rupees, or 1.10 rupees per share.

As of July 28, US$1 was equivalent to 130.22 Sri Lankan rupees.