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Abans Electricals fiscal Q1 profit climbs 20.9% YOY

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Abans Electricals fiscal Q1 profit climbs 20.9% YOY

Abans Electricals PLC said its normalized net income for the fiscal first quarter ended June 30 came to 1.89 Sri Lankan rupees per share, a gain of 20.8% from 1.56 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 9.6 million rupees, a gain of 20.9% from 8.0 million rupees in the year-earlier period.

The normalized profit margin climbed to 1.5% from 1.2% in the year-earlier period.

Total revenue decreased 5.5% on an annual basis to 639.8 million rupees from 676.7 million rupees, and total operating expenses fell 6.9% year over year to 625.1 million rupees from 671.4 million rupees.

Reported net income increased 20.9% on an annual basis to 15.4 million rupees, or 3.02 rupees per share, from 12.8 million rupees, or 2.50 rupees per share.

As of Aug. 14, US$1 was equivalent to 134.55 Sri Lankan rupees.