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Raigam Wayamba lterns fiscal Q1 profit climbs 86.4% YOY

Raigam Wayamba Salterns PLC said its normalized net income for the fiscal first quarter ended June 30 came to 2 Sri Lankan cents per share, an increase of 50.0% from 1 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.9 million rupees, an increase of 86.4% from 2.7 million rupees in the prior-year period.

The normalized profit margin rose to 6.3% from 2.8% in the year-earlier period.

Total revenue fell 15.6% year over year to 78.6 million rupees from 93.1 million rupees, and total operating expenses decreased 20.6% year over year to 70.6 million rupees from 88.9 million rupees.

Reported net income increased 86.4% from the prior-year period to 7.9 million rupees, or 3 cents per share, from 4.2 million rupees, or 2 cents per share.

As of Aug. 15, US$1 was equivalent to 130.18 Sri Lankan rupees.