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Madulsima Plantations Q3 loss widens 59.9% YOY

Madulsima Plantations PLC said its normalized net income for the third quarter was a loss of 51 Sri Lankan cents per share, compared with a loss of 1.85 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 85.8 million rupees, compared with a loss of 53.6 million rupees in the prior-year period.

The normalized profit margin declined to negative 20.2% from negative 10.1% in the year-earlier period.

Total revenue fell 19.9% year over year to 423.9 million rupees from 529.3 million rupees, and total operating expenses fell 6.4% on an annual basis to 547.2 million rupees from 584.7 million rupees.

Reported net income came to a loss of 87.4 million rupees, or a loss of 52 cents per share, compared to a loss of 35.6 million rupees, or a loss of 1.23 rupees per share, in the prior-year period.

As of Nov. 9, US$1 was equivalent to 141.93 Sri Lankan rupees.