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Wednesday September 27th, 2023

Sri Lanka’s Ceylon Grain Elevators March profits up 45-pct

ECONOMYNEXT – Sri Lanka’s Ceylon Grain Elevators, a feed milling firm and poultry processing group, said profits rose 45 percent in the March 2018 quarter to 243 million rupees from a year ago.

The profitability of the group increased mainly due to the improved prices for chicken meat and feed, said Primus Cheng Chih Kwong, chief executive of Ceylon Grain Elevators, which is controlled by Singapore’s Prima group.

The company reported earnings of 4.05 rupees a share in the quarter, according to interim accounts filed with the stock exchange. .

The company’s share was last traded at 70 rupees at mid-day Monday.

March 2018 sales were down two percent to 3.8 billion rupees from a year ago because of lower layer feed sales and lower exports of broiler chicks and lower demand for eggs.

Primus Cheng said group sales were impacted by the decrease in Layer Feed sales volume consequent to the lesser number of Layer birds on ground.

“Lower export revenue from Broiler Parent Stock Day Old Chicks (DOCs) and the decreased demand for Layer DOCs due to the depressed market for table eggs had further reduced group revenue,” he said.
He said the decreased cost of production with better feed formulation had helped improve group profitability.

“The bottom line of the group could have been better if not for increase in corporate tax rate from 12% to 28%,” he said.
(COLOMBO, May 14, 2018)


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Sri Lanka to introduce social security system: minister

ECONOMYNEXT – Sri Lanka’s Labour minister has said that they are set to introduce a comprehensive national social security system, covering all workers.

“The system will address the weaknesses of the current system and provide much-needed support to workers and their families,” Manusha Nanayakkara, Minister of Labour and Foreign Employment said on X (formerly known as Twitter).
He did not specify the details.

Nanayakkara also spoke of the need for robust social security when he met with exporters last week to discuss labor law reforms, boosting female workforce participation and attracting FDI.

Sri Lanka plans to reform labour laws for an export-oriented economy.

The pandemic and the economic crisis highlighted the need to improve the coverage of social security.

Studies have shown that Sri Lanka’s women are kept out of formal employment by childcare, elderly care and housework, as day care and elderly homes are either too expensive or too few.

The government imposed a Social Security Contribution Levy to increase its revenue last year. (Colombo/Sep27/2023)

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Sri Lanka’s stocks up in trading on Wednesday morning

ECONOMYNEXT – Sri Lanka shares were picking up in trading on Wednesday morning.

Turnover was at 50 million. Trading in the Capital Goods Industry Group was driving turnover.

The All Share Price Index was up 0.37 percent or 41.78 points to 11,289.94, while the S&P SL20 was also up 0.68 percent or 21.66 points to 3,187.65.

Hatton National Bank, Commercial Bank and LOLC saw gains in morning trade, while Tokyo cement and Lanka Hospitals were trading down during morning trading. (Colombo/Sep27/2023)

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Sri Lanka rupee opens at 323.50/324.10 to the US dollar, bond yields stable

ECONOMYNEXT – Sri Lanka’s rupee opened at 323.50/324.10 to the US dollar on Wednesday, after closing on Tuesday at 323.70/324.20 to the US dollar, dealers said.

A bond maturing on 01.08.2026 was quoted at 15.50/70 percent on Wednesday up from Tuesday’s close at 15.45/65 percent.

A bond maturing on 01.05.2028 was quoted at 14.50/55 percent from closing at Tuesday at 14.30/55 percent. (Colombo/Sep27/2023)

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