Categories: Business

LNP – United Motors records Rs.366 million group profit in Q2

UML Group recorded a profit of Rs.366 million for Q2 compared to Rs.13.5 million in Q2 for the financial year 2019/20. The recorded group revenue was Rs.4.3 billion for the quarter, up from Rs.3.06 billion in the comparable period last year. The year to-date group profit recorded was Rs.140 million compared to a loss of Rs.185 million during the comparable period, the previous year.

The second-quarter EPS was Rs.3.63 while NAV as of 30th September 2020 has risen to Rs.128.24.

Group CEO, Chanaka Yatawara said that the profit growth was driven by all-round performancefrom the increase in revenue and margins in vehicle sales, aftersales, and lubricants supported

by uninterrupted business operations. On the expenses front, there was a significant reduction in finance cost due to the improved cash position and favorable interest rates. It is noteworthy that, despite strict cost control measures undertaken across the organization, employee salaries remained unchanged.

AddThis Website Tools
Thanuka

Recent Posts

LNP – Generator at Norochcholai to be shut for maintenance

LNP – Generator at Norochcholai to be shut for maintenance

The Ceylon Electricity Board (CEB) said the third generator at the Norochcholai coal power plant…

53 mins ago
LNP – Oil soars more than 6% after Israel’s strike on Iran alarms market

LNP – Oil soars more than 6% after Israel’s strike on Iran alarms market

Oil prices jumped more than $4 a barrel on Friday, hitting their highest price in…

59 mins ago
LNP – IMF highlights 15% electricity tariff hike as key step for $344M tranche

LNP – IMF highlights 15% electricity tariff hike as key step for $344M tranche

The International Monetary Fund (IMF) has acknowledged Sri Lanka’s continued progress under its economic reform…

1 hour ago
LNP – SriLankan Airlines announcement on European route adjustments

LNP – SriLankan Airlines announcement on European route adjustments

SriLankan Airlines has announced temporary adjustments to its European flight routes due to the closure…

1 hour ago
LNP – ITAK secures power in Jaffna Municipal Council

LNP – ITAK secures power in Jaffna Municipal Council

The Ilankai Tamil Arasu Kachchi (ITAK) has secured a majority in the Jaffna Municipal Council,…

1 hour ago
LNP – At least 20 feared dead in Air India flight crash in Ahmedabad

LNP – At least 20 feared dead in Air India flight crash in Ahmedabad

At least 20 passengers have been feared dead in the deadly crash near Ahmedabad airport,…

1 day ago