ECONOMYNEXT – Sri Lankan graphite miner Bogala Graphite said net profits slumped 51 percent to 21.9 million rupees in the March 2019 quarter from a year ago.
Earnings per share for the quarter were 23 cents compared with 47 cents the year before. The share closed at 10.60 rupees Thursday, down 40 cents or 3.6 percent.
Sales of Bogala Graphite, which is controlled by Germany’s Graphit Kropfmuhl Gmbh, fell seven percent to 208.6 million rupees in the March 2019 quarter from the previous year.
The accounts showed a sharp fall in other income while tax costs doubled.
Bogala Graphite had returned to profit in 2018 helped by more sales of high value products and the depreciation of the rupee against other trading currencies like the dollar.
(COLOMBO 16 May 2019)