Nestlé Sri Lanka unit March net up 9.4-pct

ECONOMYNEXT – Profits at Nestlé’s Sri Lanka unit increased 9.4 percent from a year earlier to 943.7 million rupees in the March 2018 quarter, on flat expenses growth, interim results showed.

Listed Nestlé Lanka Plc reported earnings of 17.57 rupees in the March 2018 quarter, financial statements filed with the Colombo stock exchange showed.

The stock closed unchanged at 1,750 rupees on Tuesday.

Revenue grew 2.5 percent from a year earlier to 9.6 billion rupees in the quarter as cost of sales grew a slower 0.7 percent to 6 billion rupees, expanding gross profits by 5.5 percent to 3.6 billion rupees.

Marketing, selling and distribution expenses grew 1.3 percent to 1.7 billion rupees and other operating costs fell 19.2 percent to 14.5 million rupees.

Administrative expenses grew 5.2 percent to 595.9 million rupees.

Net finance costs increased 108 percent to 10.1 million rupees while tax expenses rose 20 percent to 306 million rupees. (Colombo, 08 May, 2018)

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