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.
