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Tess Agro swings to loss in fiscal Q1

Tess Agro PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 4.4 million rupees, compared with income of 1.5 million rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 3.5% from 1.5% in the year-earlier period.

Total revenue climbed 28.2% year over year to 124.4 million rupees from 97.1 million rupees, and total operating expenses climbed 38.1% year over year to 126.1 million rupees from 91.3 million rupees.

Reported net income came to a loss of 7.0 million rupees, or a loss of 2 cents per share, compared to income of 2.4 million rupees, or 1 cents per share, in the prior-year period.

As of Aug. 22, US$1 was equivalent to 130.19 Sri Lankan rupees.