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Selinsing fiscal Q1 profit falls YOY

Selinsing PLC said its normalized net income for the fiscal first quarter ended June 30 came to 5.26 Sri Lankan rupees per share, a decline of 58.3% from 12.63 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 36.5 million rupees, a decline of 58.3% from 87.6 million rupees in the year-earlier period.

The normalized profit margin dropped to 42.7% from 52.4% in the year-earlier period.

Total revenue fell 48.8% on an annual basis to 85.6 million rupees from 167.2 million rupees, and total operating expenses totaled 27.1 million rupees, compared with 27.0 million rupees in the prior-year period.

Reported net income declined 64.0% year over year to 49.5 million rupees, or 7.13 rupees per share, from 137.4 million rupees, or 19.80 rupees per share.

As of Aug. 14, US$1 was equivalent to 130.18 Sri Lankan rupees.