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Watawala Plantations fiscal Q1 profit climbs YOY

Watawala Plantations PLC said its normalized net income for the fiscal first quarter ended June 30 was 172.0 million rupees, a rise from 185,000 rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 9.1% from 0.0% in the year-earlier period.

Total revenue grew 25.0% on an annual basis to 1.88 billion rupees from 1.50 billion rupees, and total operating expenses increased 6.6% from the prior-year period to 1.58 billion rupees from 1.48 billion rupees.

Reported net income rose year over year to 230.9 million rupees, or 98 cents per share, from 11.4 million rupees, or 5 cents per share.

As of July 25, US$1 was equivalent to 130.22 Sri Lankan rupees.