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Shalimar fiscal Q4 profit falls YOY

Shalimar (Malay) said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 1.44 Sri Lankan rupees per share, a decrease of 54.2% from 3.14 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 10.1 million rupees, a decline of 53.9% from 21.8 million rupees in the year-earlier period.

The normalized profit margin fell to 30.4% from 39.2% in the year-earlier period.

Total revenue declined 40.5% year over year to 33.1 million rupees from 55.6 million rupees, and total operating expenses fell 17.3% year over year to 17.5 million rupees from 21.2 million rupees.

Reported net income totaled a loss of 980,000 rupees, or a loss of 14 cents per share, compared to income of 29.6 million rupees, or 4.27 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled 8.04 rupees per share, a decrease of 61.8% from 21.06 rupees per share in the prior year.

Normalized net income was 55.8 million rupees, a decline of 61.8% from 146.2 million rupees in the prior year.

Full-year total revenue decreased 45.9% from the prior-year period to 172.5 million rupees from 319.0 million rupees, and total operating expenses declined on an annual basis to 83.8 million rupees from 85.6 million rupees.

The company said reported net income decreased 68.7% on an annual basis to 66.2 million rupees, or 9.54 rupees per share, in the full year, from 211.3 million rupees, or 30.45 rupees per share.

As of May 6, US$1 was equivalent to 133.42 Sri Lankan rupees.