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Renuka Foods fiscal Q1 profit climbs 98.8% YOY

Renuka Foods PLC said its normalized net income for the fiscal first quarter ended June 30 came to 15 Sri Lankan cents per share, a gain from 7 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 14.1 million rupees, an increase of 98.8% from 7.1 million rupees in the year-earlier period.

The normalized profit margin rose to 0.8% from 0.6% in the year-earlier period.

Total revenue climbed 25.5% year over year to 1.47 billion rupees from 1.17 billion rupees, and total operating expenses increased 26.7% year over year to 1.41 billion rupees from 1.11 billion rupees.

Reported net income rose 43.5% on an annual basis to 32.8 million rupees, or 35 cents per share, from 22.9 million rupees, or 24 cents per share.

As of Aug. 15, US$1 was equivalent to 130.18 Sri Lankan rupees.