Diesel & Motor Engineering PLC (DIMO), the Pandithage family-controlled Sri Lankan motor vehicles and spare parts importer, has released its unaudited, interim results for the financial year ending March 31, 2011, in which it revealed its 12 months group gross turnover to be Rs. 29.35 billion, up 179% year-on-year. In addition, group gross turnover for the three months to end-March 2011 was also shown as Rs. 8.56 billion, a 125% year-on-year increase. On the other hand, cost of sales for the group either outpaced turnover, by rising 187% year-on-year to Rs. 23.06 billion for the 12 months, or matched it, by increasing year-on-year by 125% to Rs. 6.36 billion.
At the same time, financials showed that group after tax profit for the 12 months going up 755% year-on-year, to Rs. 2.12 billion, while after tax profit for the three months to end-March 2011 was Rs. 664.36 million, a year-on-year escalation of 379%. While distribution and finance costs remained low or even negative, at 15% and -43% respectively over the 12 months, these two values showed a steep increase, 98% and 50%, respectively, over the last three months. Group income tax for the 12 months and three months in question has also been raised by 798% and 505% respectively. Also, group inventories have more than doubled over the last 12 months to Rs. 2.64 billion.
Revenues for DIMO's vehicle parts and service, lighting and power tools, construction and material handling machinery all featured significant year-on-year increases, with the latter two doubling and the former raising revenue by close to Rs. 600 million, it was the brand name vehicle sales business that showed unprecedented elevations in segmental revenue. This area experienced a leap to Rs. 22.21 billion for the last 12 months, when compared to the previous financial year's Rs. 5.36 billion. (JH) |
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