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Kingsbury swings to profit in fiscal Q1

Kingsbury PLC said its normalized net income for the fiscal first quarter ended June 30 was 6 Sri Lankan cents per share, compared with a loss of 38 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.6 million rupees, compared with a loss of 65.8 million rupees in the year-earlier period.

The normalized profit margin climbed to 2.7% from negative 17.0% in the year-earlier period.

Total revenue grew 32.6% on an annual basis to 511.9 million rupees from 386.0 million rupees, and total operating expenses increased 30.7% year over year to 462.4 million rupees from 353.9 million rupees.

Reported net income came to 21.0 million rupees, or 9 cents per share, compared to a loss of 105.2 million rupees, or a loss of 60 cents per share, in the year-earlier period.

As of Aug. 5, US$1 was equivalent to 130.22 Sri Lankan rupees.