Sathosa Motors first with Dec. quarterly results

Thursday, 17 January 2013 00:54 - - {{hitsCtrl.values.hits}}

Sathosa Motors Plc (SMOT) yesterday became the first listed corporate to come out with December quarter earnings.

In its third quarter ended 31 December 2012, SMOT reported a net profit of Rs. 53.3 million, up by a substantial 37.5% over the corresponding period of last financial year. According John Keells Stock Brokers, robust earnings growth, higher other income, and cost efficiencies led to high earnings at SMOT during the third quarter.

SMOT’s net profit in the first nine months was Rs. 131.2 million, up by 2.5% over the corresponding period of FY12.

SMOT’s turnover in the 3Q was Rs. 548.5 million, up by 16% and gross profit amounted to Rs. 86 million, up 13%. Other operating income grew by 99% to Rs. 29.7 million leading to profit from operations of Rs. 76 million, up 38% over the 3Q of FY12.

Access Engineering Plc owns an 84% stake in SMOT.