Sri Lanka’s CIC group losses down in June 2018 quarter

ECONOMYNEXT – Sri Lanka’s CIC Holdings group reduced losses in the June 2018 quarter to 23 million rupees compared with a loss of 87 million the year before, interim accounts showed.

Sales fell 12% to 6.7 billion rupees, according to the accounts filed with the stock exchange.

The firm’s loss per share fell to 24 cents from 92 cents a year ago. The stock closed unchanged at 49.70 rupees.
The accounts showed CIC had booked a loss of 73 million rupees on available for sale financial assets compared with a gain of 17 million rupees the previous year.

Profits more than tripled in CIC’s crop solutions business, its largest business in terms of both revenues and profits.

In CIC’s health and personal care business, with products from baby care to medical devices and pharmaceuticals, profits were slightly lower, while livestock business profits fell sharply.

Profits were also lower in the group’s industrial solutions business while its agri produce businesses losses increased.

(COLOMBO, 7 August, 2018)

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