Balangoda Plantations PLC said its normalized net income for the first quarter amounted to a loss of 3.18 Sri Lankan rupees per share, compared with 12 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 a loss of 75.2 million rupees, compared with income of 2.9 million rupees in the year-earlier period.
The normalized profit margin dropped to negative 13.3% from 0.4% in the year-earlier period.
Total revenue decreased 23.0% on an annual basis to 564.3 million rupees from 732.4 million rupees, and total operating expenses decreased 6.0% on an annual basis to 676.9 million rupees from 720.5 million rupees.
Reported net income totaled a loss of 102.4 million rupees, or a loss of 4.33 rupees per share, compared to income of 23.2 million rupees, or 98 cents per share, in the prior-year period.
As of May 12, US$1 was equivalent to 133.63 Sri Lankan rupees.
