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Odel PLC fiscal Q2 profit climbs YOY

Odel PLC said its normalized net income for the fiscal second quarter ended Sept. 30 came to 21 Sri Lankan cents per share, a gain from 8 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 54.8 million rupees, a gain from 21.1 million rupees in the year-earlier period.

The normalized profit margin climbed to 3.4% from 1.7% in the year-earlier period.

Total revenue increased 29.6% on an annual basis to 1.59 billion rupees from 1.23 billion rupees, and total operating expenses increased 25.9% on an annual basis to 1.47 billion rupees from 1.17 billion rupees.

Reported net income grew 67.3% year over year to 56.1 million rupees, or 21 cents per share, from 33.5 million rupees, or 12 cents per share.

As of Nov. 11, US$1 was equivalent to 141.79 Sri Lankan rupees.