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C. W. Mackie fiscal Q1 profit falls YOY

C. W. Mackie PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 73 Sri Lankan cents per share, a decrease of 19.3% from 91 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 26.4 million rupees, a decrease of 19.5% from 32.7 million rupees in the year-earlier period.

The normalized profit margin dropped to 1.4% from 2.2% in the year-earlier period.

Total revenue rose 28.5% year over year to 1.88 billion rupees from 1.46 billion rupees, and total operating expenses climbed 30.8% year over year to 1.82 billion rupees from 1.39 billion rupees.

Reported net income decreased 23.3% on an annual basis to 29.9 million rupees, or 83 cents per share, from 39.0 million rupees, or 1.08 rupees per share.

As of Aug. 4, US$1 was equivalent to 130.22 Sri Lankan rupees.