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Horana Plantations swings to profit in fiscal Q1

Horana Plantations PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 66 Sri Lankan cents per share, compared with a loss of 1.18 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 16.5 million rupees, compared with a loss of 29.4 million rupees in the year-earlier period.

The normalized profit margin rose to 3.1% from negative 6.0% in the year-earlier period.

Total revenue climbed 9.4% on an annual basis to 540.2 million rupees from 493.8 million rupees, and total operating expenses fell on an annual basis to 506.1 million rupees from 528.4 million rupees.

Reported net income came to 23.4 million rupees, or 94 cents per share, compared to a loss of 43.8 million rupees, or a loss of 1.75 rupees per share, in the year-earlier period.

As of Aug. 8, US$1 was equivalent to 130.19 Sri Lankan rupees.