Sri Lanka’s Bogala Graphite back in profit in March quarter

ECONOMYNEXT – Sri Lankan graphite miner Bogala Graphite bounced back into profit in the March 2018 quarter with net earnings of Rs44 million from a loss of Rs4.2 million the year before when the mine was closed after a fatal accident.

Sales of the firm, controlled by Germany’s Graphit Kropfmuhl Gmbh, rose 25% to Rs224 million in the period, according to interim results filed with the stock exchange.

Bogala Graphite Lanka had made a loss of Rs.17.1 million in 2017 as the mine was closed from January to June 2017 after a mine worker died and also because of the cost of an early retirement scheme to shed staff.

(COLOMBO, April 24, 2018)

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