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Lanka Century Investments fiscal Q2 profit climbs YOY

Lanka Century Investments PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 13 Sri Lankan cents per share, a gain from 2 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 46.9 million rupees, an increase from 6.4 million rupees in the year-earlier period.

The normalized profit margin increased to 4.0% from 0.3% in the year-earlier period.

Total revenue increased on an annual basis to 2.53 billion rupees from 2.44 billion rupees, and total operating expenses increased on an annual basis to 2.39 billion rupees from 2.29 billion rupees.

Reported net income totaled 67.9 million rupees, or 19 cents per share, compared to a loss of 13.0 million rupees, or a loss of 4 cents per share, in the year-earlier period.

As of Nov. 14, US$1 was equivalent to 131 Sri Lankan rupees.