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Ceylon Cold Stores fiscal Q4 profit climbs 73.2% YOY

Ceylon Cold Stores PLC said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 5.80 Sri Lankan rupees per share, a gain of 73.4% from 3.35 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 551.0 million rupees, an increase of 73.2% from 318.2 million rupees in the prior-year period.

The normalized profit margin rose to 8.3% from 5.1% in the year-earlier period.

Total revenue increased 19.4% on an annual basis to 7.41 billion rupees from 6.20 billion rupees, and total operating expenses increased 15.0% from the prior-year period to 6.55 billion rupees from 5.70 billion rupees.

Reported net income fell 6.8% from the prior-year period to 601.2 million rupees, or 6.33 rupees per share, from 644.8 million rupees, or 6.78 rupees per share.

For the year, the company's normalized net income totaled 14.21 rupees per share, a gain of 67.9% from 8.47 rupees per share in the prior year.

Normalized net income was 1.35 billion rupees, a rise of 67.9% from 804.5 million rupees in the prior year.

Full-year total revenue increased 17.3% on an annual basis to 27.70 billion rupees from 23.61 billion rupees, and total operating expenses rose 14.6% year over year to 25.51 billion rupees from 22.26 billion rupees.

The company said reported net income increased 25.3% year over year to 1.53 billion rupees, or 16.05 rupees per share, in the full year, from 1.22 billion rupees, or 12.81 rupees per share.

As of May 26, US$1 was equivalent to 133.88 Sri Lankan rupees.