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Kelani Tyres fiscal Q3 profit climbs 37.0% YOY

Kelani Tyres PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 1.54 Sri Lankan rupees per share, a gain of 36.7% from 1.13 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 123.7 million rupees, a gain of 37.0% from 90.3 million rupees in the year-earlier period.

The normalized profit margin dropped to 73.0% from 94.7% in the year-earlier period.

Total revenue rose 77.7% on an annual basis to 169.5 million rupees from 95.4 million rupees, and total operating expenses grew 81.5% on an annual basis to 180.3 million rupees from 99.4 million rupees.

Reported net income grew 37.0% year over year to 198.0 million rupees, or 2.46 rupees per share, from 144.5 million rupees, or 1.80 rupees per share.

As of Feb. 9, US$1 was equivalent to 132.80 Sri Lankan rupees.