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United Motors Lanka fiscal Q1 profit falls YOY

United Motors Lanka PLC said its normalized net income for the fiscal first quarter ended June 30 came to 1.41 Sri Lankan rupees per share, a decline of 70.9% from 4.86 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 142.7 million rupees, a decrease of 70.9% from 490.3 million rupees in the year-earlier period.

The normalized profit margin dropped to 6.4% from 16.5% in the year-earlier period.

Total revenue fell 25.3% year over year to 2.22 billion rupees from 2.97 billion rupees, and total operating expenses fell 9.4% from the prior-year period to 2.08 billion rupees from 2.29 billion rupees.

Reported net income declined 68.4% year over year to 192.6 million rupees, or 1.91 rupees per share, from 610.4 million rupees, or 6.05 rupees per share.

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