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Sathosa Motors fiscal Q1 profit falls YOY

Sathosa Motors PLC said its normalized net income for the fiscal first quarter ended June 30 was 5.19 Sri Lankan rupees per share, a gain from 5.02 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 31.3 million rupees, a decline of 24.8% from 41.6 million rupees in the year-earlier period.

The normalized profit margin dropped to 4.0% from 7.2% in the year-earlier period.

Total revenue grew 33.3% year over year to 773.8 million rupees from 580.7 million rupees, and total operating expenses rose 39.0% year over year to 711.9 million rupees from 512.1 million rupees.

Reported net income declined 45.4% on an annual basis to 36.3 million rupees, or 6.02 rupees per share, from 66.6 million rupees, or 8.03 rupees per share.

As of Aug. 7, US$1 was equivalent to 130.19 Sri Lankan rupees.