ECONOMYNEXT – Royal Ceramics Lanka’s June 2015 quarter net profit shot up over 200 percent from a year ago as sales of locally made tiles which are protected against imports grew strongly and associate company profits almost doubled.
The company, which now controls local ceramic tile manufacture having bought over rivals, said in a stock exchange filing that sales rose 15 percent to 5.6 billion rupees in the June 2015 quarter from the year before.
Net profit shot up 249 percent to 562 million rupees in the June 2015 quarter with earnings per share at 5.08 rupees against 1.45 rupees a year ago, Royal Ceramics Lanka (RCL) said.
Finance expenses fell 28 percent to 209 million rupees while share of associate company profits almost doubled to 316 million rupees, the accounts showed.
Profit from RCL’s tiles business shot up to 434 million rupees from 90 million rupees the year before.
Profit from RCL’s sanitaryware business fell to 53 million rupees in the June 2015 quarter from 56 million rupees the previous year.
Losses narrowed in the paints business to 13 million rupees from 21 million rupees while aluminium business profit was stagnant at around 16 million rupees in the June 2015 quarter.
RCL reported losses from its plantations of 52 million rupees compared with a profit of 19 million rupees the year before while profit from finance rose to 202 million rupees from 117 million rupees.
Royal Ceramics Lanka group now consists of Lanka Ceramics and its subsidiaries, Lanka Tiles and Lanka Walltiles along with Royal Porcelain (Pvt) Ltd., Rocell Bathware Ltd., Royal Ceramics Distributors (Pvt) Ltd., Ever Paint and Chemical Industries (Pvt) Ltd., Rocell Ceramics Limited and Rocell Pty Ltd – Australia. (Colombo/August 7 2015)