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Diesel & Motor Engineering profit holds relatively steady YOY in fiscal Q2

Diesel & Motor Engineering PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 5.54 Sri Lankan rupees per share, compared with 5.52 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 49.2 million rupees, compared with 49.0 million rupees in the year-earlier period.

The normalized profit margin declined to 0.8% from 0.9% in the year-earlier period.

Total revenue climbed 20.0% on an annual basis to 6.23 billion rupees from 5.19 billion rupees, and total operating expenses increased 20.4% year over year to 6.05 billion rupees from 5.02 billion rupees.

Reported net income fell 21.9% year over year to 37.2 million rupees, or 4.19 rupees per share, from 47.6 million rupees, or 5.36 rupees per share.

As of Nov. 14, US$1 was equivalent to 131 Sri Lankan rupees.