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Ceylon Leather Products fiscal Q3 profit falls YOY

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.