Watawala Plantations PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 12 Sri Lankan cents per share, a decline of 62.2% from 31 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 28.1 million rupees, a decrease of 61.5% from 73.1 million rupees in the year-earlier period.
The normalized profit margin declined to 1.6% from 5.3% in the year-earlier period.
Total revenue grew 30.9% year over year to 1.80 billion rupees from 1.37 billion rupees, and total operating expenses rose 40.5% on an annual basis to 1.74 billion rupees from 1.24 billion rupees.
Reported net income fell 64.2% on an annual basis to 31.2 million rupees, or 13 cents per share, from 87.2 million rupees, or 37 cents per share.
As of Oct. 27, US$1 was equivalent to 130.85 Sri Lankan rupees.
