Kelani Valley Plantations PLC said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 55 Sri Lankan cents per share, compared with a loss of 40 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 a loss of 18.5 million rupees, compared with a loss of 13.5 million rupees in the year-earlier period.

The normalized profit margin declined to negative 1.1% from negative 0.8% in the year-earlier period.

Total revenue totaled 1.70 billion rupees, compared with 1.70 billion rupees in the prior-year period, and total operating expenses totaled 1.70 billion rupees, compared with 1.70 billion rupees in the prior-year period.

Reported net income came to a loss of 29.5 million rupees, or a loss of 87 cents per share, compared to a loss of 19.5 million rupees, or a loss of 57 cents per share, in the prior-year period.

As of July 29, US$1 was equivalent to 133.76 Sri Lankan rupees.