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| Sunday, 10 July 2005 |
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Business |  |
| News Business Features Editorial
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DIMO net profit soars 77% to Rs. 177 m for 2004/05 Diesel and Motor Engineering Co. Ltd, (DIMO) has again recorded substantial growth in many sectors during the period 2004/05. The group recorded a net profit of Rs. 177 million for the year 2004/05 compared to 100 million for the previous year, an increase of 77%. The group had earned a pre-tax profit of Rs. 255 million compared to 146 million the previous year. The group's turnover of Rs. 7,565 million for the current year compared to Rs. 4,796 million for the previous year represents a growth of 58%. The reserves for the current year increased to Rs. 905 million in comparison to Rs. 652 million in the previous year and this is substantial in relation to a small capital base of Rs.100 million. Accordingly assets per share increased from Rs. 82.49 to Rs. 100.52 consequent to the substantial profits earned. Earnings per share at Rs. 11 during the previous year shot up to Rs. 17.75 on enhanced capital and currently trading at PE of 6.77 (current price of Rs. 121) which is less than half of current overall PE of 13.93 indicating substantial potential for upward growth of traded price. DIMO which commenced operations in 1939 diversified into vehicles, vehicle parts and service, lighting and power tools, construction and material handling machinery, telecommunication and medical equipment, generating sets, turbines, diesel engines for marine propulsion, rail traction, power generation and tyres. |
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