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Singer Industries Ceylon Q1 profit climbs 92.3% YOY

Singer Industries (Ceylon) PLC said its first-quarter normalized net income was 2.22 Sri Lankan rupees per share, a gain of 92.2% from 1.16 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 8.5 million rupees, an increase of 92.3% from 4.4 million rupees in the prior-year period.

The normalized profit margin climbed to 3.2% from 2.0% in the year-earlier period.

Total revenue climbed 23.1% on an annual basis to 270.5 million rupees from 219.8 million rupees, and total operating expenses rose 20.6% from the prior-year period to 259.7 million rupees from 215.4 million rupees.

Reported net income grew 90.6% on an annual basis to 10.0 million rupees, or 2.59 rupees per share, from 5.2 million rupees, or 1.36 rupees per share.

As of May 12, US$1 was equivalent to 133.63 Sri Lankan rupees.