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Odel PLC fiscal Q1 profit climbs YOY

Odel PLC said its normalized net income for the fiscal first quarter ended June 30 came to 12 Sri Lankan cents per share, an increase from 1 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 33.1 million rupees, a gain from 4.4 million rupees in the year-earlier period.

The normalized profit margin climbed to 2.4% from 0.4% in the year-earlier period.

Total revenue grew 29.6% year over year to 1.42 billion rupees from 1.10 billion rupees, and total operating expenses increased 26.9% year over year to 1.34 billion rupees from 1.05 billion rupees.

Reported net income grew on an annual basis to 35.4 million rupees, or 13 cents per share, from 4.1 million rupees, or 1 cents per share.

As of Aug. 12, US$1 was equivalent to 133.79 Sri Lankan rupees.