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.