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Lankem Developments fiscal Q2 loss narrows YOY

Lankem Developments PLC said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 25 Sri Lankan cents per share, compared with a loss of 52 cents 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 14.8 million rupees, compared with a loss of 31.4 million rupees in the year-earlier period.

The normalized profit margin rose to negative 1.8% from negative 3.3% in the year-earlier period.

Total revenue fell 13.0% year over year to 826.9 million rupees from 950.3 million rupees, and total operating expenses declined 19.9% year over year to 872.2 million rupees from 1.09 billion rupees.

Reported net income came to a loss of 46.5 million rupees, or a loss of 78 cents per share, compared to a loss of 97.8 million rupees, or a loss of 1.63 rupees per share, in the year-earlier period.

As of Nov. 13, US$1 was equivalent to 142.05 Sri Lankan rupees.