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Shalimar fiscal Q3 profit climbs 53.9% YOY

Shalimar (Malay) said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 1.40 Sri Lankan rupees per share, a gain of 53.8% from 91 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.8 million rupees, an increase of 53.9% from 6.3 million rupees in the year-earlier period.

The normalized profit margin increased to 62.5% from 20.7% in the year-earlier period.

Total revenue grew on an annual basis to 31.2 million rupees from 30.7 million rupees, and total operating expenses decreased 26.1% on an annual basis to 15.5 million rupees from 21.0 million rupees.

Reported net income grew 13.5% from the prior-year period to 15.2 million rupees, or 2.19 rupees per share, from 13.4 million rupees, or 1.93 rupees per share.

As of Feb. 12, US$1 was equivalent to 144.09 Sri Lankan rupees.