Distilleries Company of Sri Lanka June net up 88-pct

ECONOMYNEXT – Profits at listed Distilleries Company of Sri Lanka grew 88 percent from a year earlier to 1 billion rupees in the June 2018 quarter despite falling revenue as margins improved and borrowing costs fell sharply, interim accounts showed.

Earnings amounted to 23 cents a share in the quarter, interim accounts filed with the stock exchange showed.

The share closed unchanged at 20.50 rupees on Wednesday.

Gross revenue in the quarter fell 10.1 percent to 19.2 billion rupees with net revenue after turnover related taxes like VAT and excise duties declining 4 percent to 6.4 billion rupees.

Cost of sales fell 20 percent to 4.2 billion rupees leading to a 55 percent growth in gross profits of 2.2 billion rupees.

Net finance costs fell 47 percent to 55 million rupees as borrowing fell to 2.9 billion rupees at end June 2018 from 8.3 billion rupees a year earlier.

Distribution costs grew 22.7 percent to 147.4 million rupees and administrative expenses fell 1.3 percent to 219.8 million rupees. (COLOMBO, 16 August 2018)

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