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Abans Electricals fiscal Q1 profit falls YOY

Abans Electricals PLC said its normalized net income for the fiscal first quarter ended June 30 came to 1.56 Sri Lankan rupees per share, a decrease of 62.1% from 4.12 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 8.0 million rupees, a decline of 62.2% from 21.1 million rupees in the prior-year period.

The normalized profit margin dropped to 1.2% from 2.2% in the year-earlier period.

Total revenue declined 28.1% on an annual basis to 676.7 million rupees from 941.1 million rupees, and total operating expenses decreased 23.6% on an annual basis to 671.4 million rupees from 879.3 million rupees.

Reported net income decreased 55.7% year over year to 12.8 million rupees, or 2.50 rupees per share, from 28.8 million rupees, or 5.63 rupees per share.

As of Aug. 14, US$1 was equivalent to 130.18 Sri Lankan rupees.