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Lanka Milk Foods fiscal Q3 profit climbs 78.4% YOY

Lanka Milk Foods (CWE) PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 1.53 Sri Lankan rupees per share, an increase of 78.2% from 86 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 61.2 million rupees, a gain of 78.4% from 34.3 million rupees in the year-earlier period.

The normalized profit margin increased to 5.5% from 4.0% in the year-earlier period.

Total revenue climbed 30.7% on an annual basis to 1.11 billion rupees from 850.4 million rupees, and total operating expenses increased 26.5% year over year to 990.7 million rupees from 783.0 million rupees.

Reported net income rose 64.6% on an annual basis to 97.8 million rupees, or 2.45 rupees per share, from 59.4 million rupees, or 1.49 rupees per share.

As of Feb. 13, US$1 was equivalent to 132.95 Sri Lankan rupees.