ECONOMYNEXT – Sri Lankan cement maker Tokyo Cement Company’s June 2015 net profit fell 11 percent to 466 million rupees from a year ago as sales also contracted.
Earnings per share for the quarter were 1.40 rupees with sales down two percent to 6.9 billion rupees, according to a stock exchange filing.
Other income fell by 26 percent 107 million rupees while administrative expenses went up 15 percent during the period, the accounts showed.
Tokyo Cement Company (Lanka) is controlled by St. Anthony’s Consolidated which has a 27.50 percent stake and Japan’s Nippon Coke & Engineering Co. which has 23 percent.
Customs duty on cement imports were removed by the government budget in January, increasing competition for Tokyo Cement although the resumption of a construction boom is expected to lead to higher demand. (Colombo/August 18 2015)