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Kelani Tyres fiscal Q1 profit climbs 16.1% YOY

Kelani Tyres PLC said its normalized net income for the fiscal first quarter ended June 30 was 1.27 Sri Lankan rupees per share, a gain of 15.9% from 1.10 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 102.4 million rupees, a gain of 16.1% from 88.2 million rupees in the prior-year period.

The normalized profit margin increased to 538.7% from 163.1% in the year-earlier period.

Total revenue declined 64.9% year over year to 19.0 million rupees from 54.1 million rupees, and total operating expenses fell 56.2% year over year to 25.7 million rupees from 58.7 million rupees.

Reported net income increased 16.1% from the prior-year period to 163.9 million rupees, or 2.04 rupees per share, from 141.2 million rupees, or 1.76 rupees per share.

As of Aug. 7, US$1 was equivalent to 133.75 Sri Lankan rupees.