Harischandra Mills PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 13.81 Sri Lankan rupees per share, a decline of 19.9% from 17.25 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 26.5 million rupees, a decrease of 19.9% from 33.1 million rupees in the prior-year period.

The normalized profit margin dropped to 3.7% from 4.6% in the year-earlier period.

Total revenue declined on an annual basis to 712.3 million rupees from 724.3 million rupees, and total operating expenses came to 675.1 million rupees, compared with 674.3 million rupees in the year-earlier period.

Reported net income declined 36.0% year over year to 24.3 million rupees, or 12.67 rupees per share, from 38.0 million rupees, or 19.80 rupees per share.

As of Feb. 15, US$1 was equivalent to 144.09 Sri Lankan rupees.