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Ceylon Grain Elevators Q1 profit climbs YOY

Ceylon Grain Elevators PLC said its normalized net income for the first quarter amounted to 3.80 Sri Lankan rupees per share, a gain from 1.69 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 228.2 million rupees, a gain from 101.2 million rupees in the year-earlier period.

The normalized profit margin increased to 6.2% from 3.1% in the year-earlier period.

Total revenue increased 13.2% year over year to 3.66 billion rupees from 3.24 billion rupees, and total operating expenses increased year over year to 3.14 billion rupees from 3.00 billion rupees.

Reported net income grew 97.7% on an annual basis to 332.3 million rupees, or 5.54 rupees per share, from 168.1 million rupees, or 2.80 rupees per share.

As of May 5, US$1 was equivalent to 146.07 Sri Lankan rupees.