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United Motors Lanka fiscal Q3 profit climbs 73.5% YOY

United Motors Lanka PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 4.99 Sri Lankan rupees per share, an increase of 73.5% from 2.88 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 504.0 million rupees, a gain of 73.5% from 290.4 million rupees in the year-earlier period.

The normalized profit margin climbed to 10.7% from 8.4% in the year-earlier period.

Total revenue increased 35.7% year over year to 4.70 billion rupees from 3.47 billion rupees, and total operating expenses rose 31.0% on an annual basis to 3.95 billion rupees from 3.02 billion rupees.

Reported net income rose 80.4% year over year to 580.6 million rupees, or 5.75 rupees per share, from 321.9 million rupees, or 3.19 rupees per share.

As of Feb. 12, US$1 was equivalent to 144.09 Sri Lankan rupees.