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Lanka Milk Foods fiscal Q3 profit falls YOY

Lanka Milk Foods (CWE) PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 7 Sri Lankan cents per share, a decrease of 95.2% from 1.53 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 3.1 million rupees, a decline of 94.9% from 61.2 million rupees in the prior-year period.

The normalized profit margin dropped to 0.2% from 5.5% in the year-earlier period.

Total revenue rose 24.6% on an annual basis to 1.38 billion rupees from 1.11 billion rupees, and total operating expenses grew 37.9% year over year to 1.37 billion rupees from 990.7 million rupees.

Reported net income fell 97.0% on an annual basis to 3.0 million rupees, or 7 cents per share, from 97.8 million rupees, or 2.45 rupees per share.

As of Feb. 12, US$1 was equivalent to 144.09 Sri Lankan rupees.