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United Motors Lanka fiscal Q2 profit climbs YOY

United Motors Lanka PLC said its normalized net income for the fiscal second quarter ended Sept. 30 was 4.73 Sri Lankan rupees per share, a gain from 1.78 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 477.7 million rupees, a gain from 180.1 million rupees in the prior-year period.

The normalized profit margin rose to 11.2% from 8.4% in the year-earlier period.

Total revenue increased 99.5% on an annual basis to 4.25 billion rupees from 2.13 billion rupees, and total operating expenses increased 82.8% from the prior-year period to 3.53 billion rupees from 1.93 billion rupees.

Reported net income grew on an annual basis to 545.4 million rupees, or 5.41 rupees per share, from 208.4 million rupees, or 2.07 rupees per share.

As of Nov. 13, US$1 was equivalent to 142.05 Sri Lankan rupees.