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Diesel & Motor Engineering fiscal Q3 profit climbs YOY

Diesel & Motor Engineering PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 26.68 Sri Lankan rupees per share, an increase from 8.64 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 236.8 million rupees, a gain from 76.7 million rupees in the prior-year period.

The normalized profit margin increased to 3.3% from 1.4% in the year-earlier period.

Total revenue rose 27.2% on an annual basis to 7.10 billion rupees from 5.58 billion rupees, and total operating expenses grew 23.9% year over year to 6.63 billion rupees from 5.35 billion rupees.

Reported net income grew year over year to 265.8 million rupees, or 29.94 rupees per share, from 110.7 million rupees, or 12.47 rupees per share.

As of Feb. 16, US$1 was equivalent to 133.00 Sri Lankan rupees.