Sri Lanka CT Holdings December quarter net up 161-pct

EconomyNext – Sri Lanka’s CT Holdings group (CTH) said net profit rose 161 percent to 352 million rupees in the December 2014 quarter from a year ago.

Interim results filed with the stock exchange showed earnings per share for the quarter at 1.92 rupees. Sales fell two percent to 15.4 billion rupees.

In the nine months to 31 December 2014, the group reported EPS of 1.77 rupees with net profit down 62 percent to 324 million rupees and sales down seven percent to 47.4 billion rupees.

A statement in the nine month period all operating sectors grew over the corresponding period of the previous year with the fast moving consumer goods business growing 17 percent while the retail and wholesale distribution sector grew by 5.7 percent.

"The profitability of the FMCG sector continues to somewhat compensate for the lower performance of the retail sector."

It said management continue to be "cautiously optimistic" of the future prospects for the group.

"The fiscal and economic measures introduced by the government subsequent to the reporting date are expected to stimulate consumption in the medium term.

"The present low interest low inflation position is ideal for further economic growth."

 

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