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Sathosa Motors fiscal Q1 profit climbs 68.1% YOY

Sathosa Motors PLC said its normalized net income for the fiscal first quarter ended June 30 was 8.71 Sri Lankan rupees per share, an increase of 68.0% from 5.18 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 52.6 million rupees, a gain of 68.1% from 31.3 million rupees in the prior-year period.

The normalized profit margin climbed to 6.8% from 4.0% in the year-earlier period.

Total revenue came to 776.8 million rupees, compared with 776.0 million rupees in the year-earlier period, and total operating expenses fell 9.3% year over year to 647.7 million rupees from 714.1 million rupees.

Reported net income grew 73.5% on an annual basis to 63.0 million rupees, or 10.44 rupees per share, from 36.3 million rupees, or 6.02 rupees per share.

As of July 24, US$1 was equivalent to 133.88 Sri Lankan rupees.