Sri Lanka’s Dipped Products December profits double amid capital gain

ECONOMYNEXT – Sri Lankan glove maker Dipped Products said net profit shot up 266 percent to 766 million rupees in the December 2018 quarter from a year ago, helped by gains from selling a stake in a tea extracting subsidiary.

Sales rose five percent to 22.5 billion rupees in the period, interim accounts filed with the stock exchange showed.

Quarterly earnings per share were 12.79 rupees. EPS in the nine months to December 2018 was 6.65 rupees with net profit doubling to 609 million rupees.

The stock closed unchanged at 91.10 rupees  Wednesday.

The account showed a gain of 205 million rupees on the sale of a stake in a tea extraction subsidiary, Hayleys Global Beverages (Pvt) Ltd. to Germany’s Martin Bauer Group.
(Colombo/January 31/2019 – SB)

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