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Browns Capital swings to profit in fiscal Q1

Browns Capital PLC said its normalized net income for the fiscal first quarter ended June 30 came to 22.0 million rupees, compared with a loss of 3.4 million rupees in the year-earlier period.

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

The normalized profit margin rose to 1.3% from negative 0.2% in the year-earlier period.

Total revenue declined year over year to 1.61 billion rupees from 1.64 billion rupees, and total operating expenses fell 8.8% from the prior-year period to 1.53 billion rupees from 1.67 billion rupees.

Reported net income totaled 23.4 million rupees, or 2 cents per share, compared to a loss of 32.9 million rupees, or a loss of 3 cents per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 130.18 Sri Lankan rupees.