Agalawatte Plantations PLC said its normalized net income for the first quarter was a loss of 51 Sri Lankan cents per share, compared with a loss of 6.78 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 a loss of 12.9 million rupees, compared with a loss of 169.5 million rupees in the year-earlier period.

The normalized profit margin increased to negative 7.0% from negative 32.2% in the year-earlier period.

Total revenue fell 15.7% year over year to 443.8 million rupees from 526.5 million rupees, and total operating expenses decreased 45.1% on an annual basis to 409.1 million rupees from 745.9 million rupees.

Reported net income came to a loss of 20.6 million rupees, or a loss of 82 cents per share, compared to a loss of 271.2 million rupees, or a loss of 10.85 rupees per share, in the prior-year period.

As of May 19, US$1 was equivalent to 146.78 Sri Lankan rupees.