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Kelani Tyres fiscal Q1 profit falls YOY

Kelani Tyres PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 1.10 Sri Lankan rupees per share, a decline from 1.16 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 88.2 million rupees, a decrease of 5.0% from 92.9 million rupees in the prior-year period.

The normalized profit margin dropped to 163.1% from 191.4% in the year-earlier period.

Total revenue grew 11.5% on an annual basis to 54.1 million rupees from 48.5 million rupees, and total operating expenses grew 13.6% on an annual basis to 58.7 million rupees from 51.7 million rupees.

Reported net income declined 5.0% year over year to 141.2 million rupees, or 1.76 rupees per share, from 148.6 million rupees, or 1.85 rupees per share.

As of Aug. 11, US$1 was equivalent to 130.20 Sri Lankan rupees.