Sri Lanka's Vallibel One June net falls 16-pct
Aug 14, 2018 15:18 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Profits at Sri Lanka's listed Vallibel One controlled by Dhammika Perera fell 16 percent from a year earlier to 691.2 million rupees in the June 2018 quarter on rising costs and falling profitability and losses at subsidiary companies, interim accounts showed.
Earnings were 64 cents a share in the quarter, interim accounts filed with the Colombo Stock Exchange showed. The share was trading 20 cents lower at 18.70 rupees on Tuesday.
Revenue grew 10 percent to 14.3 billion rupees, cost of sales fell 7 percent to 8 billion rupees expanding gross profits by 15 percent to 6.2 billion rupees.
Distribution costs increased 16 percent to 1.7 billion rupees and Administrative expenses rose 15 percent to 1.5 billion rupees.
Net finance cost grew 63 percent to 530.7 million rupees.
Vallibel One comprises subsidiary companies Royal Ceramics, LB Finance, Greener Water and Delmege Limited and an associated company listed Fortress Resorts.
LB Finance is licensed finance company and the highest contributor to Vallibel One earnings with profits from financial services rising 23 percent in the quarter to 1.1 billion rupees.
Royal Ceramics is in the business of manufacturing and selling floor and wall tiles.
Delmege Limited has interests in consumer goods, food, manufacturing and plantations. Vallibel One said losses from consumer goods deepened 259 percent to 79 million rupees
Greener Water is a mechanical, electronic and plumbing works of super-structures. Vallibel One raised 532.8 million via an IPO to finance the capital needs of this company in 2011.
Aluminium reported a 26 million rupee loss compared to a profit of 19 million rupees a year earlier.
Plantations made a loss of 35 million rupees, compared to a 15 million rupee profit a year earlier.
A segment classified as lifestyle saw profits fall 63 percent to 152 million rupees.
Profits from investments fell 29 percent to 348 million rupees, the group said.
Hotel losses increased 17 percent to 14 million rupees. (COLOMBO 14 August 2018)