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Sunshine Holdings fiscal Q1 profit climbs 65.9% YOY

Sunshine Holdings PLC said its normalized net income for the fiscal first quarter ended June 30 was 54 Sri Lankan cents per share, a gain of 65.1% from 33 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 73.1 million rupees, an increase of 65.9% from 44.0 million rupees in the prior-year period.

The normalized profit margin increased to 2.0% from 1.3% in the year-earlier period.

Total revenue grew 14.7% on an annual basis to 3.98 billion rupees from 3.47 billion rupees, and total operating expenses grew 8.7% year over year to 3.55 billion rupees from 3.27 billion rupees.

Reported net income grew from the prior-year period to 138.2 million rupees, or 1.02 rupees per share, from 65.4 million rupees, or 49 cents per share.

As of Aug. 6, US$1 was equivalent to 130.22 Sri Lankan rupees.