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Selinsing fiscal Q3 profit falls YOY

Selinsing PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 1.27 Sri Lankan rupees per share, a decrease of 70.3% from 4.26 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 8.8 million rupees, a decrease of 70.3% from 29.6 million rupees in the year-earlier period.

The normalized profit margin fell to 22.1% from 38.5% in the year-earlier period.

Total revenue decreased 48.3% year over year to 39.7 million rupees from 76.8 million rupees, and total operating expenses declined 13.2% on an annual basis to 25.6 million rupees from 29.5 million rupees.

Reported net income decreased 53.8% on an annual basis to 19.3 million rupees, or 2.78 rupees per share, from 41.7 million rupees, or 6.01 rupees per share.

As of Feb. 6, US$1 was equivalent to 132.96 Sri Lankan rupees.