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Diesel & Motor Engineering fiscal Q4 profit climbs 29.3% YOY

Diesel & Motor Engineering PLC said its normalized net income for the fiscal fourth quarter ended March 31 came to 23.61 Sri Lankan rupees per share, a gain of 29.3% from 18.26 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 209.6 million rupees, a gain of 29.3% from 162.1 million rupees in the prior-year period.

The normalized profit margin declined to 2.4% from 3.3% in the year-earlier period.

Total revenue grew 76.9% on an annual basis to 8.74 billion rupees from 4.94 billion rupees, and total operating expenses grew 81.4% on an annual basis to 8.31 billion rupees from 4.58 billion rupees.

Reported net income increased 27.4% on an annual basis to 262.9 million rupees, or 29.62 rupees per share, from 206.4 million rupees, or 23.24 rupees per share.

For the year, the company's normalized net income totaled 58.09 rupees per share, a gain of 63.6% from 35.51 rupees per share in the prior year.

Normalized net income was 515.6 million rupees, a rise of 63.6% from 315.2 million rupees in the prior year.

Full-year total revenue rose 34.4% on an annual basis to 27.79 billion rupees from 20.68 billion rupees, and total operating expenses increased 34.0% on an annual basis to 26.56 billion rupees from 19.82 billion rupees.

The company said reported net income grew 51.5% year over year to 596.1 million rupees, or 67.15 rupees per share, in the full year, from 393.5 million rupees, or 44.34 rupees per share.

As of May 26, US$1 was equivalent to 133.88 Sri Lankan rupees.