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Kelani Tyres fiscal Q4 profit falls YOY

Kelani Tyres PLC said its normalized net income for the fiscal fourth quarter ended March 31 was 1.27 Sri Lankan rupees per share, a decrease of 7.7% from 1.38 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 102.4 million rupees, a decrease of 7.4% from 110.5 million rupees in the year-earlier period.

The normalized profit margin dropped to 81.6% from 232.1% in the year-earlier period.

Total revenue grew year over year to 127.4 million rupees from 47.6 million rupees, and total operating expenses rose from the prior-year period to 137.3 million rupees from 62.4 million rupees.

Reported net income declined 6.6% year over year to 166.5 million rupees, or 2.07 rupees per share, from 178.2 million rupees, or 2.22 rupees per share.

For the year, the company's normalized net income totaled 5.55 rupees per share, a gain of 8.6% from 5.11 rupees per share in the prior year.

Normalized net income was 446.4 million rupees, an increase of 8.6% from 410.9 million rupees in the prior year.

Full-year total revenue grew 30.0% on an annual basis to 484.8 million rupees from 372.9 million rupees, and total operating expenses grew 29.3% on an annual basis to 515.8 million rupees from 399.1 million rupees.

The company said reported net income grew 8.8% year over year to 716.8 million rupees, or 8.92 rupees per share, in the full year, from 658.8 million rupees, or 8.19 rupees per share.

As of Aug. 7, US$1 was equivalent to 133.75 Sri Lankan rupees.