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Kelani Valley Plantations swings to loss in fiscal Q3

Kelani Valley Plantations PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was a loss of 74 Sri Lankan cents per share, compared with 1.04 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 a loss of 25.3 million rupees, compared with income of 35.6 million rupees in the prior-year period.

The normalized profit margin dropped to negative 1.8% from 2.0% in the year-earlier period.

Total revenue declined 21.0% on an annual basis to 1.39 billion rupees from 1.76 billion rupees, and total operating expenses decreased 15.3% from the prior-year period to 1.41 billion rupees from 1.66 billion rupees.

Reported net income came to a loss of 43.3 million rupees, or a loss of 1.27 rupees per share, compared to income of 42.6 million rupees, or 1.25 rupees per share, in the year-earlier period.

As of Jan. 26, US$1 was equivalent to 144.13 Sri Lankan rupees.