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Swadeshi Industrial Works fiscal Q3 loss widens 55.0% YOY

Swadeshi Industrial Works PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 30.03 Sri Lankan rupees per share, compared with a loss of 19.37 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 3.9 million rupees, compared with a loss of 2.5 million rupees in the year-earlier period.

The normalized profit margin declined to negative 0.7% from negative 0.4% in the year-earlier period.

Total revenue rose 5.1% year over year to 597.9 million rupees from 568.7 million rupees, and total operating expenses grew 5.8% year over year to 592.5 million rupees from 559.9 million rupees.

Reported net income totaled a loss of 6.3 million rupees, or a loss of 48.05 rupees per share, compared to a loss of 4.1 million rupees, or a loss of 31.00 rupees per share, in the prior-year period.

As of Feb. 18, US$1 was equivalent to 132.85 Sri Lankan rupees.