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Lankem Developments fiscal Q4 loss narrows YOY

Lankem Developments PLC said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 99 Sri Lankan cents per share, compared with a loss of 1.42 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 58.7 million rupees, compared with a loss of 85.3 million rupees in the year-earlier period.

The normalized profit margin increased to negative 6.8% from negative 10.1% in the year-earlier period.

Total revenue rose year over year to 861.5 million rupees from 846.8 million rupees, and total operating expenses declined 6.3% on an annual basis to 964.4 million rupees from 1.03 billion rupees.

Reported net income totaled a loss of 20.8 million rupees, or a loss of 35 cents per share, compared to a loss of 29.6 million rupees, or a loss of 49 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 1.44 rupees per share, compared with a loss of 2.26 rupees per share in the prior year.

Normalized net income was a loss of 86.5 million rupees, compared with a loss of 135.5 million rupees in the prior year.

Full-year total revenue declined from the prior-year period to 3.54 billion rupees from 3.62 billion rupees, and total operating expenses declined 7.4% on an annual basis to 3.68 billion rupees from 3.98 billion rupees.

The company said reported net income totaled a loss of 107.4 million rupees, or a loss of 1.79 rupees per share, in the full year, compared with a loss of 188.7 million rupees, or a loss of 3.14 rupees per share, the prior year.

As of Aug. 5, US$1 was equivalent to 145.57 Sri Lankan rupees.