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Ceylon Leather Products fiscal Q4 profit falls YOY

Ceylon Leather Products PLC said its normalized net income for the fiscal fourth quarter ended March 31 was 53 Sri Lankan cents per share, a decline of 22.2% from 68 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 18.1 million rupees, a decline of 25.2% from 24.2 million rupees in the year-earlier period.

The normalized profit margin rose to 2.0% from 1.6% in the year-earlier period.

Total revenue increased 7.3% on an annual basis to 1.64 billion rupees from 1.53 billion rupees, and total operating expenses climbed 6.4% year over year to 1.70 billion rupees from 1.60 billion rupees.

Reported net income came to a loss of 155.2 million rupees, or a loss of 4.53 rupees per share, compared to a loss of 900,650 rupees, or a loss of 3 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 3.82 rupees per share, an increase of 11.8% from 3.41 rupees per share in the prior year.

Normalized net income was 130.7 million rupees, a gain of 11.8% from 116.9 million rupees in the prior year.

Full-year total revenue rose year over year to 6.83 billion rupees from 6.53 billion rupees, and total operating expenses rose year over year to 6.55 billion rupees from 6.33 billion rupees.

The company said reported net income declined 83.3% year over year to 19.7 million rupees, or 58 cents per share, in the full year, from 118.0 million rupees, or 3.45 rupees per share.

As of July 9, US$1 was equivalent to 133.53 Sri Lankan rupees.