Auto Profits

Aug 10, 2011 (LBO) – Sri Lanka’s Diesel and Motor Engineering Company, an auto importer and distributor said net profits in the June 2011 quarter rose 321 percent to 636 million rupees with revenues growing 112 percent to 7.2 billion rupees. Sri Lanka’s vehicle imports are seeing a boom after taxes were cut on cars and commercial vehicle sales also picked up as the economy recovered after a 30-year war.

Dimo reported earnings of 71.70 rupees for the quarter. For the full year ending March 2011 the firm reported profits of 2.1 billion rupees.

Agencies held by Dimo include Mercedes Benz and Tata. The firm said in the March quarter vehicle sales brought it revenues of 5.4 billion rupees (up from 2.1 billion a year earlier) and profits before taxes and unallocated expesense of 752 million rupees.

Spare parts and repairs brought 697 million rupees (up from 697 million) with profits of 123 million rupees against a loss of 7.5 million rupees.

The firm also deals in agricultural and materials handling equipment and bio-medical technology.