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Diesel & Motor Engineering fiscal Q1 profit falls YOY

Diesel & Motor Engineering PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 2.26 Sri Lankan rupees per share, a decline of 26.7% from 3.09 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 20.1 million rupees, a decrease of 26.6% from 27.4 million rupees in the prior-year period.

The normalized profit margin declined to 0.4% from 0.6% in the year-earlier period.

Total revenue climbed 15.2% on an annual basis to 5.73 billion rupees from 4.97 billion rupees, and total operating expenses increased 14.6% on an annual basis to 5.58 billion rupees from 4.86 billion rupees.

Reported net income increased year over year to 30.2 million rupees, or 3.41 rupees per share, from 28.9 million rupees, or 3.26 rupees per share.

As of Aug. 15, US$1 was equivalent to 130.18 Sri Lankan rupees.