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Sathosa Motors fiscal Q3 profit falls YOY

Sathosa Motors PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 8.41 Sri Lankan rupees per share, a decrease of 27.7% from 11.62 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 50.7 million rupees, a decline of 27.7% from 70.1 million rupees in the year-earlier period.

The normalized profit margin fell to 5.8% from 7.4% in the year-earlier period.

Total revenue decreased 7.1% on an annual basis to 881.5 million rupees from 948.4 million rupees, and total operating expenses grew 6.6% year over year to 808.9 million rupees from 758.9 million rupees.

Reported net income declined 36.3% from the prior-year period to 55.5 million rupees, or 9.20 rupees per share, from 87.2 million rupees, or 14.45 rupees per share.

As of Feb. 5, US$1 was equivalent to 132.28 Sri Lankan rupees.