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Singer (Sri Lanka) Q2 profit climbs YOY

Singer (Sri Lanka) Ltd. said its normalized net income for the second quarter amounted to 95 Sri Lankan cents per share, an increase from 31 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 358.5 million rupees, a gain from 116.9 million rupees in the year-earlier period.

The normalized profit margin rose to 3.8% from 1.6% in the year-earlier period.

Total revenue grew 29.1% on an annual basis to 9.41 billion rupees from 7.29 billion rupees, and total operating expenses grew 25.7% year over year to 8.59 billion rupees from 6.83 billion rupees.

Reported net income rose year over year to 363.2 million rupees, or 97 cents per share, from 116.8 million rupees, or 31 cents per share.

As of Aug. 6, US$1 was equivalent to 133.84 Sri Lankan rupees.