Lanka Tiles December quarter net up 173-pct

ECONOMYNEXT – Sri Lankan floor tile maker Lanka Tiles said December 2015 quarter net profit shot up 173 percent to 533 million rupees from a year ago as it continued to benefit from the ongoing construction boom.

Sales rose 11 percent to almost two billion rupees with exports down but domestic sales up by almost 12 percent, interim results filed with the stock exchange showed.

Lanka Tiles had record sales in December 2015 enabling it to clear stocks, its Managing Director Mahendra Jayasekera said.

The firm’s floor tile plants are running at full capacity, he told EconomyNext.com, with the group diverting more of its production to the local market.

The interim accounts show the company, now part of the Royal Ceramics group, kept costs about the same but tax costs were sharply lower in the December 2015 quarter compared with the year before.

Quarterly earnings per share were 10.6 rupees. In the nine months to 31 December 2015, EPS rose to 18.94 rupees from 10.06 rupees the year before.

Net profit rose 88 percent to just over a billion rupees while sales rose six percent to 4.6 billion rupees in the nine month period from the year before.

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