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Ceylon Leather Products fiscal Q1 profit falls YOY

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.