Sri Lankaâ€™s Dankotuwa Porcelain June net profit up sharply
ECONOMYNEXT – Sri Lankan tableware manufacturer Dankotuwa Porcelain said net profit shot up 880 percent to 29 million rupees in the June 2017 quarter from a year ago.
Sales of the group were stagnant at 565 million rupees, according to interim results filed with the stock exchange.
Dankotuwa Porcelain’s quarterly earnings per share were 18 cents compared with two cents the year before. Its share traded at 9.10 rupees on Thursday.
The company, which was hit by a strike in July over a pay dispute, had retired part of its debt, with 500 million rupees from its rights issue and plans to modernise its factory with the balance 222 million rupees.
The group includes Royal Fernwood Porcelain Limited, Lanka Decals (Private) Limited, Fernwood Lanka (Private) limited and Taprobane Capital (Private) Limited.
(COLOMBO, August 17, 2017)