Sri Lanka Alumex March quarter net up 61-pct
ECONOMYNEXT – Alumex PLC said March 2016 quarter net profit rose 61 percent to Rs210 million from a year ago, with the construction boom continuing and low aluminium prices offsetting the weakening of the rupee against the US dollar.
Sales of the firm, a subsidiary of Hayleys Group, rose 32 percent to Rs1.2 billion, a stock exchange filing said.
Earnings per share for the quarter was 70 cents.
EPS was Rs1.97 in the financial year ended 31st March 2016 and net profit up 24 perent to Rs589 million, while sales rose 29 percent to almost Rs4 billion.
Alumex, which makes aluminium profiles for the construction industry, said profit before tax was Rs801 million, up 31 percent.
Its products are used for the fabrication of windows, doors and facades in commercial and residential buildings.
Alumex has its manufacturing facility in Makola, Kelaniya, and has a marketing and distribution network covering Sri Lanka.
“Construction industry growth reduced to 4.6 percent, but low interest rates and inflation created an environment for investment in apartments, hotels and residencies, continuing high demand for aluminium profiles,” the statement said.
“Aluminium prices dipped mid-year and premiums reduced to compensate for the depreciation of the rupee against the US dollar, and this helped the industry maintain a stable pricing structure,” said Rohan Peris, Managing Director of Alumex.
(COLOMBO, May 20 2016)