Horana Plantations PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 69 Sri Lankan cents per share, a decline of 77.5% from 3.08 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 17.4 million rupees, a decline of 77.4% from 76.9 million rupees in the prior-year period.
The normalized profit margin fell to 3.3% from 12.0% in the year-earlier period.
Total revenue fell 18.6% year over year to 522.4 million rupees from 641.5 million rupees, and total operating expenses declined on an annual basis to 487.1 million rupees from 506.9 million rupees.
Reported net income fell 79.3% on an annual basis to 22.3 million rupees, or 89 cents per share, from 108.0 million rupees, or 4.32 rupees per share.
As of Feb. 9, US$1 was equivalent to 132.80 Sri Lankan rupees.
