Business

Distilleries Company of Sri Lanka net up 56-pct

Thursday August 15, 2019 8:59 am

ECONOMYNEXT – Profits at Distilleries Corporation of Sri Lanka Plc, the island’s largest alcohol producer, grew 56 percent to 1.66 billion rupees in the December 2019 quarter from a year earlier, helped by lower raw material costs, interim accounts showed.

The firm reported earnings of 36 cents per share for the quarter.

Gross revenues with taxes grew 4.5 percent to 20.0 billion rupees.

Net revenues grew 10.4 percent to 7.095 billion rupees while cost of sales dropped 8.6 percent to 3.84 billion rupees, helping the firm grow gross profits 46.5 percent to 3.2 billion rupees.

Cost of sales can fall when the availability of domestic raw materials increase, those familiar with the industry say.

Distilleries Corporation of Sri Lanka Chairman Harry Jayawardena had warned that high taxes were promoting illegal moonshine, and weak enforcement and control of retail licenses by some manufacturers and was promoting tax unpaid sales of alcohol through legal outlets.

Unspecified other operating income trebled to 94 million rupees from 31 million a year earlier. Income tax grew 48 percent to 1.13 billion rupees. (Colombo/Aug15/2019)

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Economy

Sri Lanka exports down in April, trade deficit up from March, rupee stronger

Thursday June 1, 2023 7:05 am

ECONOMYNEXT – Sri Lanka’s exports fell 12.6 percent from a year ago to 849 million US dollars in April 2023, amid weaker external demand, while imports were down 15.8 percent to 1,431 million Us dollars, central bank data showed.

Exports also fell 1,037 million dollars in March 2023, amid seasonal effects.

The trade deficit expanded to 583 million US dollars in April from 412 million US dollars in March 2023. Imports were at 1431 million US dollars in April from 1,450 million dollars in March.

Imports can pick as tourism, worker remittances and net inflows to government go up.

The rupee continued to appreciate.

“Exchange rate showed a notable appreciation during April 2023 with the continued improvement in liquidity in the domestic foreign exchange market, the discontinuation of the daily guidance on exchange rates,” the central bank said.

Up to April exports were down 9 percent to 3.8 billion rupees and imports were down 28 percent to 5.2 billion rupees and the trade deficit was 1.4 billion rupees.

Investment goods imports were down in April amid a contraction in credit.

“Almost all types of goods listed under the three main investment good categories, namely machinery and equipment, building material and transport equipment, recorded a decline,” the central bank said.

Economy

Sri Lanka President discusses debt restructure, program progress with IMF

Thursday June 1, 2023 6:14 am

ECONOMYNEXT – Sri Lanka’s President Ranil Wickremesinghe has discussed progress of International Monetary Fund program and debt restructuring during a visit of Deputy Managing Director Kenji Okamura, statement said.

“The discussion primarily focused on the progress of the IMF program between Sri Lanka and the IMF,” a statement from President’s office said.

“Attention was also paid to the on-going debt restructuring negotiations.”

State Minister of Finance Shehan Semasinghe, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayake was also in the meeting.

Secretary of the Ministry of Finance Mahinda Siriwardena, Central Bank Governor Nandalal Weerasinghe, Deputy Director of the International Monetary Fund Anne Marie Gulde, and Resident Representative IMF in Sri Lanka Sarwat Jahan, attended this event. (Colombo/June01/2023)

Energy

Sri Lanka cuts petrol to Rs318 a litre, kerosene to Rs245

Wednesday May 31, 2023 10:29 pm

ECONOMYNEXT – Sri Lanka has cut petrol 92-Octane by 15 rupees to 318 rupees a litre and kerosene by 50 rupees to 245 rupees a litre from midnight May 31, the Ministry of Energy said.

Petrol 95 Octane will be raised by 20 rupees to 385 rupees, and Lanka Super Diesel 4 Star Euro 4 will be raised by 10 rupees to 340 rupees a litre.

Lanka Industrial Kerosene will be cut by 60 rupees a litre to 270 rupees.

Kerosene which is similar to jet fuel is usually the most expensive fuel in international markets followed by diesel and petrol is usually the cheapest.

Kerosene which is substantially cheaper than diesel is also used by buses to cut costs. (Colombo/May31/2023)