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Ceylon Tea Brokers fiscal Q3 profit falls YOY

Ceylon Tea Brokers PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 9 Sri Lankan cents per share, a decrease of 18.1% from 11 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 10.6 million rupees, a decrease of 18.4% from 13.0 million rupees in the year-earlier period.

The normalized profit margin fell to 10.2% from 20.0% in the year-earlier period.

Total revenue climbed year over year to 67.1 million rupees from 64.7 million rupees, and total operating expenses grew from the prior-year period to 58.7 million rupees from 56.8 million rupees.

Reported net income declined 6.2% from the prior-year period to 12.7 million rupees, or 11 cents per share, from 13.5 million rupees, or 12 cents per share.

As of Feb. 11, US$1 was equivalent to 132.80 Sri Lankan rupees.