Lanka Tiles March quarter net down 42-pct

ECONOMYNEXT – Sri Lankan floor tile maker Lanka Tiles said March 2016 quarter net profit fell 42% to 177 million rupees from a year ago with local sales down slightly.

Total sales fell four percent to 1.5 billion rupees in the quarter, according to interim accounts filed with the stock exchange.

The company’s tax charge for the quarter doubled to 221 million rupees from the previous year.

March 2016 earnings per share were 3.34 rupees. EPS for the year ending 31 March 2016 were 22.28 rupees with net profit up 41% to 1.2 billion rupees and sales up three percent to 6.1 billion rupees.

Annual export sales were down 20%, the accounts showed.
(COLOMBO, May 30 2016)

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