Sri Lanka’s Alumex makes Rs 63mn loss in December quarter

ECONOMYNEXT – Alumex, the aluminium extrusions subsidiary of Sri Lanka’s Hayleys group, said it lost 63.4 million rupees in the December 2018 quarter compared with a net profit of 102 million rupees the year before.

Sales of the firm, which commissioned Sri Lanka’s largest aluminium extrusion plant in 2018, rose 17 percent to 1.3 billion rupees in the period, according to interim accounts filed with the stock exchange.

Costs rose faster than net revenue during the period, the accounts showed, with net finance costs soaring to 147 million rupees from 29 million rupees the previous year.

December quarter’s loss per share was 21 cents. Alumex shares were trading at 13.10 rupees in early trade Tuesday, down 30 cents or two percent.

In the nine months to December 2018, the firm, which has a dominant market share, reported earnings per share of 10 cents with net profit down 87 percent to 29.3 million rupees.
(Colombo/February 05/2019 – SB)

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