Sri Lanka’s Cargills Ceylon December net up 38-pct

ECONOMYNEXT – Sri Lanka’s Cargills Ceylon said December 2016 quarter net profit rose 37.5% to Rs637 million from a year ago with all business sectors doing well and despite a higher effective tax rate.

Sales of the firm, part of the CT Holdings group, rose 22% to Rs22 billion, according to interim results filed with the stock exchange. 

Quarterly earnings per share were Rs2.84. The Cargills Ceylon share was last traded at Rs195.

EPS for the nine months to 31 December 2016 were Rs8.64 with net profit up 60% to Rs1.9 billion and sales up 22% to Rs64 billion.

“The business environment remains positive for all segments of the Group,” a statement said.

“Despite the increase in the effective tax rate applied the Group achieved a 38.5% growth in the bottom line for the quarter at Rs673 million.

“The performance of the most critical 3rd quarter holds the Group in good stead as it gears to further deliver on its vision of sustainable socio-economic growth to the benefit of all stakeholders in the value chain,” the statement said.

(COLOMBO, Feb 03 2017)

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