Sri Lanka’s Dipped Products net up 85-pct in Dec 2017
ECONOMYNEXT – Sri Lanka’s Dipped Products Plc, which has interests in glove making and rubber tea plantations, said profits in the December 2018 quarter rose 85 percent from a year earlier to 197 million rupees, helped by rising commodity prices.
The group reported earnings of 3.30 rupees per share. In the nine months to December the group reported earnings of 3.50 rupees, from total profits of 209 million rupees, up from 85 million a year earlier. The stock last traded at 85 rupees.
Revenues rose 10 percent to 6.79 billion rupees in the quarter, cost of sales rose 10 percent to 5.6 billion rupees and gross profit rose 6 percent to 1.134 billion rupees.
In the nine months, gloves brought in 12.1 billion rupees of revenue, up 11 percent from a year earlier but rising latex prices had pre-tax profits to 200 million rupees, Managing Director Mahesh Ranasoma said in a statement.
Bu rising commodity prices had pushed plantations revenues by 33 percent to 9.3 billion rupees and pre-tax profits were 400 million rupees, which was higher than last year, he said.
The group has factories in Sri Lanka and Thailand.