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.
