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Selinsing fiscal Q4 profit falls YOY

Selinsing PLC said its normalized net income for the fiscal fourth quarter ended March 31 came to 1.50 Sri Lankan rupees per share, a decrease of 65.6% from 4.36 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 10.6 million rupees, a decline of 65.0% from 30.3 million rupees in the year-earlier period.

Total revenue decreased 48.4% on an annual basis to 38.2 million rupees from 74.0 million rupees, and total operating expenses declined 16.1% on an annual basis to 22.1 million rupees from 26.3 million rupees.

Reported net income came to a loss of 917,000 rupees, or a loss of 13 cents per share, compared to income of 43.0 million rupees, or 6.19 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled 12.38 rupees per share, a decline of 51.4% from 25.48 rupees per share in the prior year.

Normalized net income was 85.9 million rupees, a decrease of 51.4% from 176.8 million rupees in the prior year.

Full-year total revenue decreased 39.2% from the prior-year period to 242.5 million rupees from 398.9 million rupees, and total operating expenses fell 9.4% year over year to 105.8 million rupees from 116.7 million rupees.

The company said reported net income declined 59.0% on an annual basis to 106.5 million rupees, or 15.35 rupees per share, in the full year, from 259.6 million rupees, or 37.40 rupees per share.

As of May 6, US$1 was equivalent to 133.42 Sri Lankan rupees.