Sri Lanka tile maker’s profits boosted by associate firms
COLOMBO, Nov 12, 2014 (EconomyNext) – Sri Lankan tile and sanitaryware maker Royal Ceramics Lanka said September 2014 quarter net profit shot up 289 percent to 436 million rupees from a year ago.
Sales of the group rose five percent to 5.8 billion rupees in the quarter with earnings per share rising to 3.93 rupees from 1.01 rupees the previous year, according to unaudited results filed with the stock exchange.
The bottom line of Royal Ceramics Lanka, which now controls domestic tile production having acquired the rival Lanka Ceramics group, was boosted by associate company profits of 217 million rupees, up from 90 million rupees a year ago.
In the six months to September 2014, EPS rose to 5.39 rupees from 0.29 rupees the year before with sales up 21 percent to 10.6 billion rupees.
A note to the accounts said group comparative figures for 2013 includes only five months results of Lanka Ceramic since it was acquired in May 2013.
Royal Ceramics tile and sanitaryware business showed profits but the paints business made losses in the six months period.
The firm declared an interim dividend of one rupees on November 3 amounting to 111 million rupees.
In September 2014, it announced plans to set up a subsidiary called Rocell Pty Ltd to sell tiles and bathware in Australia with an investment of 61.5 million rupees.