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Shalimar fiscal Q1 profit falls YOY

Shalimar (Malay) said its normalized net income for the fiscal first quarter ended June 30 was 3.16 Sri Lankan rupees per share, a decrease of 71.1% from 10.95 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 21.9 million rupees, a decline of 71.2% from 76.0 million rupees in the prior-year period.

The normalized profit margin fell to 39.1% from 53.9% in the year-earlier period.

Total revenue decreased 60.3% on an annual basis to 56.0 million rupees from 141.2 million rupees, and total operating expenses grew 7.3% year over year to 20.9 million rupees from 19.5 million rupees.

Reported net income fell 73.6% year over year to 31.1 million rupees, or 4.48 rupees per share, from 117.6 million rupees, or 16.95 rupees per share.

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