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Ceylon Leather Products fiscal Q2 profit climbs 7.0% YOY

Ceylon Leather Products PLC said its normalized net income for the fiscal second quarter ended Sept. 30 came to 1.58 Sri Lankan rupees per share, an increase of 7.3% from 1.47 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 54.1 million rupees, an increase of 7.0% from 50.5 million rupees in the prior-year period.

The normalized profit margin rose to 3.9% from 2.7% in the year-earlier period.

Total revenue declined on an annual basis to 1.85 billion rupees from 1.90 billion rupees, and total operating expenses totaled 1.72 billion rupees, compared with 1.71 billion rupees in the prior-year period.

Reported net income decreased 21.2% on an annual basis to 65.7 million rupees, or 1.92 rupees per share, from 83.3 million rupees, or 2.43 rupees per share.

As of Nov. 14, US$1 was equivalent to 131 Sri Lankan rupees.