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Harischandra Mills fiscal Q3 profit climbs 6.0% YOY

Harischandra Mills PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 17.25 Sri Lankan rupees per share, an increase of 5.9% from 16.28 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 33.1 million rupees, an increase of 6.0% from 31.2 million rupees in the prior-year period.

The normalized profit margin dropped to 4.6% from 4.7% in the year-earlier period.

Total revenue climbed 8.6% year over year to 724.3 million rupees from 666.9 million rupees, and total operating expenses rose 8.6% year over year to 674.3 million rupees from 620.6 million rupees.

Reported net income grew 6.2% on an annual basis to 38.0 million rupees, or 19.80 rupees per share, from 35.8 million rupees, or 18.64 rupees per share.

As of Feb. 12, US$1 was equivalent to 132.72 Sri Lankan rupees.