Sri Lanka graphite miner returns to profit in September quarter

COLOMBO, Nov 19, 2014 (EconomyNext) – Bogala Graphite Lanka, a unit of Netherlands-based AMG Advanced Metallurgical Group N.V. said it returned to profit in the September quarter as sales increased sharply.

The company made a net profit of 34.4 million rupees in the quarter ended September 2014 compared with a loss of 10.4 million rupees the year before, a stock exchange filing said.
Sales rose 33 percent to 166 million rupees from 125 million rupees a year ago.

Quarterly earnings per share were 75 cents compared with a loss of 22 cents the year before.

For the nine months ended 30th September 2014, Bogala Graphite Lanka net profit shot up 878 percent to 76 million rupees from the year before with sales up 21 percent to 471 million rupees.

The accounts showed net exchange gain of 16.2 million rupees for the nine months compared with a loss of 9.5 million rupees the previous year, which the firm said came from an unrealized exchange gain on the revaluation of its euro loan of 1.2 million euro.


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