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Kotagala Plantations fiscal Q2 loss narrows YOY

Kotagala Plantations PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 95 Sri Lankan cents per share, compared with a loss of 2.55 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 a loss of 56.9 million rupees, compared with a loss of 153.0 million rupees in the prior-year period.

The normalized profit margin climbed to negative 2.0% from negative 5.0% in the year-earlier period.

Total revenue declined 6.8% on an annual basis to 2.85 billion rupees from 3.06 billion rupees, and total operating expenses decreased 6.5% year over year to 2.93 billion rupees from 3.13 billion rupees.

Reported net income came to a loss of 119.4 million rupees, or a loss of 1.99 rupees per share, compared to a loss of 246.2 million rupees, or a loss of 4.10 rupees per share, in the year-earlier period.

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