Ceylon Leather Products PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 1.07 Sri Lankan rupees per share, a decrease of 29.7% from 1.52 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 36.6 million rupees, a decrease of 29.7% from 52.0 million rupees in the prior-year period.
The normalized profit margin fell to 2.0% from 3.1% in the year-earlier period.
Total revenue climbed 10.5% year over year to 1.85 billion rupees from 1.67 billion rupees, and total operating expenses rose 11.3% from the prior-year period to 1.74 billion rupees from 1.56 billion rupees.
Reported net income fell 42.8% on an annual basis to 43.7 million rupees, or 1.27 rupees per share, from 76.3 million rupees, or 2.23 rupees per share.
As of Jan. 28, US$1 was equivalent to 143.99 Sri Lankan rupees.