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Shalimar fiscal Q3 profit falls YOY

Shalimar (Malay) said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 91 Sri Lankan cents per share, a decrease of 75.9% from 3.78 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 6.3 million rupees, a decline of 75.8% from 26.2 million rupees in the prior-year period.

The normalized profit margin dropped to 20.7% from 40.4% in the year-earlier period.

Total revenue declined 52.8% year over year to 30.7 million rupees from 65.0 million rupees, and total operating expenses decreased 10.7% year over year to 20.5 million rupees from 23.0 million rupees.

Reported net income decreased 61.8% year over year to 13.4 million rupees, or 1.93 rupees per share, from 35.1 million rupees, or 5.06 rupees per share.

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