Sri Lanka Abans Sept net profit up 57-pct

ECONOMYNEXT –Sri Lankan retailer Abans Plc said September 2015 quarter net profit shot up 57 percent to 198 million rupees from a year ago driven mainly by sharply higher earnings from its retail business.

Group sales rose 16 percent to 7.4 billion rupees during the quarter from the year before, a stock exchange filing said.

Earnings per share for the September 2015 quarter were 90.64 rupees with the firm’s profit margins improving and demand for consumer durables rising on the back of higher disposable incomes.

EPS for the six months to 30 September 2015 rose to 291.81 rupees from 92.32 rupees a year ago.

Profits from trading shot up 273 percent to 533 million rupees in the first half from the year before while profit from financial services rose 68 percent to 68 million rupees and that from engineering services doubled to 48 million rupees.  (Colombo/November 13 2015)

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