Sri Lanka Laugfs March net down 74-pct
ECONOMYNEXT – Sri Lankan liquid petroleum gas supplier Laugfs Gas said March 2016 quarter net profit fell 74% to 97 million rupees from a year ago as costs rose sharply.
Sales rose 42% to 3.9 billion rupees in the quarter, according to interim accounts filed with the stock exchange.
The accounts showed sharp increase in selling and distribution sxpenses and administrative expenses and finance costs.
Earnings per share for the March 2016 quarter were 25 cents.
Laugfs Gas EPS for the year ended 31 March 2016 was 3.32 rupees with net profit down 11% to 1.3 billion rupees while sales rose 15% to 13.3 billion rupees.
The accounts showed profits from its energy sector of Laugfs Gas fell during the year while the power business profits rose sharply as did proftts from transportation and logistics.
The group’s leisure sector losses reduced during the year but property development business losses rose.
(COLOMBO, May 28 2016)