Sri Lanka’s Ceylon Cold Stores profits up 72-pct in June quarter
ECONOMYNEXT – Profits at Sri Lanka’s Ceylon Cold Stores Plc, a consumer goods firm grew 72 percent to 412 million rupees in the June 2019 quarter from a year earlier, with sales and margin growth, interim accounts shows.
The firm reported earnings of 4.34 rupees per share for the quarter. The stock fell 15.70 rupees to close at 737.89 on June 30, after making strong recent gains.
The firm produces ice cream and beverages under its Elephant House brand.
"Consumer Foods witnessed growth on account of improved performance in the Beverages and Frozen Confectionery businesses driven by growth in volumes and improved profitability on account of higher margins," the firm said.
"Retail performance was driven by robust revenue growth in the Supermarkets business, supported by the rebranding initiative, expansion of outlets and a pickup in average basket values."
Revenues grew 20 percent to 16.73 billion rupees, cost of sales grew at a slower 15 percent to 14.58 billion rupees and gross profits grew a steep 67 percent to 2.1 billion rupees.
The consumer business had grown despite disruptions from Easter Sunday attacks, CCS parent John Keells Holdings had said earlier. (Colombo/July31/2019)