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United Motors Lanka fiscal Q4 profit climbs 73.1% YOY

United Motors Lanka PLC said its normalized net income for the fiscal fourth quarter ended March 31 came to 2.05 Sri Lankan rupees per share, an increase of 73.1% from 1.18 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 206.9 million rupees, a gain of 73.1% from 119.5 million rupees in the prior-year period.

The normalized profit margin increased to 7.6% from 4.8% in the year-earlier period.

Total revenue rose 8.1% on an annual basis to 2.72 billion rupees from 2.51 billion rupees, and total operating expenses totaled 2.29 billion rupees, compared with 2.29 billion rupees in the year-earlier period.

Reported net income increased from the prior-year period to 539.4 million rupees, or 5.35 rupees per share, from 187.9 million rupees, or 1.86 rupees per share.

For the year, the company's normalized net income totaled 8.13 rupees per share, a decrease of 37.0% from 12.89 rupees per share in the prior year.

Normalized net income was 820.0 million rupees, a fall of 37.0% from 1.30 billion rupees in the prior year.

Full-year total revenue fell on an annual basis to 10.54 billion rupees from 11.04 billion rupees, and total operating expenses rose on an annual basis to 9.31 billion rupees from 9.13 billion rupees.

The company said reported net income decreased 21.5% year over year to 1.26 billion rupees, or 12.51 rupees per share, in the full year, from 1.61 billion rupees, or 15.93 rupees per share.

As of May 28, US$1 was equivalent to 134.15 Sri Lankan rupees.