Watawala Plantations PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 39 Sri Lankan cents per share, a decline of 47.2% from 73 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 91.5 million rupees, a decline of 46.8% from 172.0 million rupees in the year-earlier period.

The normalized profit margin fell to 5.4% from 9.1% in the year-earlier period.

Total revenue fell 10.4% year over year to 1.69 billion rupees from 1.88 billion rupees, and total operating expenses fell year over year to 1.52 billion rupees from 1.58 billion rupees.

Reported net income decreased 43.5% year over year to 130.6 million rupees, or 55 cents per share, from 230.9 million rupees, or 98 cents per share.

As of Aug. 6, US$1 was equivalent to 133.84 Sri Lankan rupees.