Bogawantalawa Tea Estates PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 12 Sri Lankan cents per share, a gain of 46.2% from 8 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.9 million rupees, an increase of 42.5% from 7.0 million rupees in the year-earlier period.

The normalized profit margin climbed to 1.0% from 0.6% in the year-earlier period.

Total revenue declined 12.3% year over year to 947.3 million rupees from 1.08 billion rupees, and total operating expenses fell 10.1% on an annual basis to 957.1 million rupees from 1.06 billion rupees.

Reported net income rose 42.5% from the prior-year period to 15.9 million rupees, or 19 cents per share, from 11.1 million rupees, or 13 cents per share.

As of Feb. 5, US$1 was equivalent to 144.06 Sri Lankan rupees.