Shalimar (Malay) said its normalized net income for the fiscal first quarter ended June 30 amounted to 2.48 Sri Lankan rupees per share, a decrease of 21.6% from 3.16 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 17.2 million rupees, a decline of 21.6% from 21.9 million rupees in the year-earlier period.

The normalized profit margin increased to 62.5% from 39.1% in the year-earlier period.

Total revenue decreased 14.7% on an annual basis to 47.8 million rupees from 56.0 million rupees, and total operating expenses decreased on an annual basis to 20.3 million rupees from 21.0 million rupees.

Reported net income fell 35.0% from the prior-year period to 20.2 million rupees, or 2.91 rupees per share, from 31.1 million rupees, or 4.48 rupees per share.

As of Aug. 7, US$1 was equivalent to 133.75 Sri Lankan rupees.