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Thursday, August 11, 2011

Auto sales boost DIMO profits

By Indika Sakalasooriya

Sri Lanka’s Diesel & Motor Engineering Company PLC’s (DIMO) net profit rose 321 percent to Rs.636 million in the first quarter of the financial year 2012 against the corresponding quarter of the previous year.

The consolidated revenue and the profits of the firm were boosted by increased vehicle sales. The revenue of the firm during the period under consideration rose 112 percent to Rs.7.2 billion Year on Year while vehicle sales revenue increased to Rs. 5.4 billion from Rs.2.1 billion.

The basic earnings per share for the period also went up drastically from Rs.17.03 to Rs.71.70.

Apart from motor vehicle sales which include Mercedes Benz and India’s TATA, the company is engaged in the sale of vehicle spare parts, lighting and power tools, construction, agricultural and material handling machinery and electro-mechanical bio medical engineering.

The construction, agricultural and material handling machinery segment’s revenue went up nearly 400 percent to Rs.801 million.

source - www.dailymirror.lk