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Hayleys Fibre fiscal Q2 profit falls YOY

Hayleys Fibre PLC said its normalized net income for the fiscal second quarter ended Sept. 30 came to 46 Sri Lankan cents per share, a decline of 26.7% from 62 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 3.7 million rupees, a decline of 26.6% from 5.0 million rupees in the year-earlier period.

The normalized profit margin declined to 2.1% from 4.1% in the year-earlier period.

Total revenue climbed 52.5% year over year to 185.3 million rupees from 121.5 million rupees, and total operating expenses rose 55.9% year over year to 177.1 million rupees from 113.6 million rupees.

Reported net income fell 28.7% from the prior-year period to 4.6 million rupees, or 57 cents per share, from 6.4 million rupees, or 80 cents per share.

As of Oct. 30, US$1 was equivalent to 130.90 Sri Lankan rupees.