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Sathosa Motors fiscal Q2 profit climbs 21.5% YOY

Sathosa Motors PLC said its normalized net income for the fiscal second quarter ended Sept. 30 came to 10.73 Sri Lankan rupees per share, a gain of 21.6% from 8.83 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 64.7 million rupees, an increase of 21.5% from 53.3 million rupees in the prior-year period.

The normalized profit margin dropped to 6.5% from 6.9% in the year-earlier period.

Total revenue grew 28.8% on an annual basis to 988.5 million rupees from 767.4 million rupees, and total operating expenses increased 36.0% from the prior-year period to 888.1 million rupees from 653.0 million rupees.

Reported net income rose 13.8% year over year to 71.3 million rupees, or 11.82 rupees per share, from 62.7 million rupees, or 10.38 rupees per share.

As of Nov. 5, US$1 was equivalent to 141.56 Sri Lankan rupees.