Let original price was Rs. 100.
With 38% profit the selling price would be
=100+38% of 100=100+38100×100= Rs. 138
First dealer makes a profit of 20% , then he must have sold it at,
=100+20% of 100=100+20100×100= Rs. 120
Now, profit for second dealer =138−120= Rs. 18
% profit =18100×120=15 %.