Sri Lanka’s United Motors December net profit down 44-pct

ECONOMYNEXT – Profits at United Motors Plc, agents for Mitsubishi automobiles in Sri Lanka, fell 44 percent to 60 million rupees in the December 2018 quarter as sales slowed after government import controls were implemented to defend the rupee.

Interim accounts filed with the stock exchange showed quarterly sales fell 7.2 percent to 3.2 billion rupees.

The firm reported earnings of 59 cents per share for the quarter.

In the nine months to December, United Motors reported earnings of 1.97 rupees per share on total profits of 198 million rupees, down 56 percent.

Nine month revenues fell 10.6 percent to 10 billion rupees.

The fall in sales and profits at United Motors came after credit restrictions and tax hikes that have slowed car imports.
(Colombo/February 06/2019 – SB)

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