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Abans Electricals fiscal Q3 profit falls YOY

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Abans Electricals fiscal Q3 profit falls YOY

Abans Electricals PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 1.17 Sri Lankan rupees per share, a decrease of 74.7% from 4.63 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 6.4 million rupees, a decline of 73.2% from 23.7 million rupees in the year-earlier period.

The normalized profit margin dropped to 0.9% from 3.0% in the year-earlier period.

Total revenue declined 13.5% on an annual basis to 681.4 million rupees from 787.7 million rupees, and total operating expenses fell 9.8% on an annual basis to 677.4 million rupees from 750.7 million rupees.

Reported net income fell 99.4% on an annual basis to 162,400 rupees, or 3 cents per share, from 26.8 million rupees, or 5.24 rupees per share.

As of Feb. 6, US$1 was equivalent to 132.96 Sri Lankan rupees.