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Monday, November 15, 2010

Sri Lanka Dimo profits up 360-pct in Sept

Nov 15, 2010 (LBO) - Sri Lanka's Diesel and Motor Engineering Company (Dimo), an auto distributor, has reported 335 million rupees of profits in the September 2010 quarter up 368 percent from a year earlier on sharply higher vehicle sales.

Group revenues rose 106 percent to 5.33 billion rupees in the quarter.

Sri Lanka has seen a surge of car imports after the government slashed import duties.

Company officials had told LBO earlier that in addition to cars, which was helped by tax cuts, commercial vehicles sales, including that of a small Indian-made truck, were also up on improving economic activities.

In the half year to September the firm said it made 488 million rupees in profits up from only 19.3 million rupees.

The firm reported earnings per share of 35.12 rupees for the quarter, up from 8.23 rupees a year earlier and 55.94 rupees for the half year.

source - www.lbo.lk