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Renuka Agri Foods swings to profit in fiscal Q4

Renuka Agri Foods PLC said its normalized net income for the fiscal fourth quarter ended March 31 was 2 Sri Lankan cents per share, compared with a loss of 4 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.4 million rupees, compared with a loss of 20.6 million rupees in the prior-year period.

The normalized profit margin rose to 1.8% from negative 2.3% in the year-earlier period.

Total revenue declined 27.6% year over year to 644.4 million rupees from 890.3 million rupees, and total operating expenses fell 29.3% year over year to 658.6 million rupees from 931.2 million rupees.

Reported net income totaled 162.0 million rupees, or 31 cents per share, compared to a loss of 55.8 million rupees, or a loss of 10 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 32 cents per share, an increase from 5 cents per share in the prior year.

Normalized net income was 181.8 million rupees, an increase from 30.5 million rupees in the prior year.

Full-year total revenue totaled 3.42 billion rupees, compared with 3.45 billion rupees in the prior year, and total operating expenses fell 7.5% year over year to 3.12 billion rupees from 3.37 billion rupees.

The company said reported net income rose on an annual basis to 434.8 million rupees, or 77 cents per share, in the full year, from 22.7 million rupees, or 4 cents per share.

As of Aug. 5, US$1 was equivalent to 133.51 Sri Lankan rupees.