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Shalimar fiscal Q2 profit falls YOY

Shalimar (Malay) said its normalized net income for the fiscal second quarter ended Sept. 30 was 2.52 Sri Lankan rupees per share, a decrease of 21.0% from 3.18 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 17.5 million rupees, a decrease of 21.0% from 22.1 million rupees in the prior-year period.

The normalized profit margin dropped to 33.1% from 38.6% in the year-earlier period.

Total revenue decreased 7.9% year over year to 52.7 million rupees from 57.3 million rupees, and total operating expenses rose 13.1% year over year to 24.8 million rupees from 21.9 million rupees.

Reported net income fell 21.6% on an annual basis to 22.7 million rupees, or 3.27 rupees per share, from 29.0 million rupees, or 4.17 rupees per share.

As of Nov. 14, US$1 was equivalent to 131 Sri Lankan rupees.