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Kotagala Plantations fiscal Q4 loss widens 67.4% YOY

Kotagala Plantations PLC said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 4.16 Sri Lankan rupees per share, compared with a loss of 2.55 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 255.3 million rupees, compared with a loss of 152.5 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 10.7% from negative 6.4% in the year-earlier period.

Total revenue totaled 2.38 billion rupees, compared with 2.38 billion rupees in the year-earlier period, and total operating expenses rose 5.3% from the prior-year period to 2.49 billion rupees from 2.36 billion rupees.

Reported net income totaled a loss of 6.6 million rupees, or a loss of 11 cents per share, compared to a loss of 15.1 million rupees, or a loss of 25 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 8.30 rupees per share, compared with a loss of 6.04 rupees per share in the prior year.

Normalized net income was a loss of 497.8 million rupees, compared with a loss of 361.4 million rupees in the prior year.

Full-year total revenue fell on an annual basis to 10.10 billion rupees from 10.42 billion rupees, and total operating expenses came to 10.36 billion rupees, compared with 10.41 billion rupees in the year-earlier period.

The company said reported net income totaled a loss of 475.2 million rupees, or a loss of 7.92 rupees per share, in the full year, compared with a loss of 351.4 million rupees, or a loss of 5.87 rupees per share, the prior year.

As of June 8, US$1 was equivalent to 133.99 Sri Lankan rupees.