Ceylon Leather Products PLC said its normalized net income for the fiscal first quarter ended June 30 came to 51 Sri Lankan cents per share, a decline of 37.0% from 82 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 17.6 million rupees, a decline of 36.8% from 27.8 million rupees in the year-earlier period.

The normalized profit margin climbed to 2.9% from 1.9% in the year-earlier period.

Total revenue increased 9.6% year over year to 1.63 billion rupees from 1.48 billion rupees, and total operating expenses increased 8.9% on an annual basis to 1.52 billion rupees from 1.39 billion rupees.

Reported net income increased 23.6% year over year to 50.7 million rupees, or 1.48 rupees per share, from 41.0 million rupees, or 1.20 rupees per share.

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