Feb 14, 2012 (LBO) – December 2011 quarter net profit at Sri Lankan auto importer and distributor Diesel and Motor Engineering Company (Dimo) fell 27 percent to 713 million rupees from a year ago as sales slowed. A stock exchange filing said Dimo’s sales fell 12 percent to 10.6 billion rupees in the quarter while gross profit fell 22 percent to 1.8 billion rupees.
Earnings per share for the December 2011 quarter were 80.28 rupees. Dimo’s net profit in the same quarter last year had been a record high of 974 million rupees on a boom in vehicle sales after import taxes were cut.
Dimo’s earnings per share for the nine months to December 2011 were 255.73 rupees, up from 164.19 rupees the year before.
Net profit in the nine-month period went up 56 percent to 2.3 billion rupees on a 38 percent growth in sales to 28.6 billion rupees.
Dimo shares were trading at 1,102 rupees Tuesday morning.
Profit from vehicle sales were down in the December 2011 quarter compared with the previous year while that from vehicle parts and service rose sharply
Dimo’s lighting and power tools business went into the red during the quarter while profits were higher in its construction, agricultural and material