Sri Lanka’s Distilleries Company Sept quarter net up 30-pct

ECONOMYNEXT – Profits at liqour producer Distilleries Company of Sri Lanka Plc grew 30.2 percent from a year earlier to 1.2 billion rupees in the September 2018 quarter on lower finance costs and selling expenses, interim accounts showed.

Earnings were 26 cents a share in the quarter. In the six months to end September 2018, earnings were 49 cents a share on a profit of 2.26 billion rupees, up 50.8 percent from a year earlier, financial results filed with the Colombo Stock Exchange showed.

The liqour producer, a unit of listed Melstacorp Plc, was trading 10 cents higher at 16.90 rupees on Thursday.

In the quarter, gross revenue fell 11 percent from a year earlier to 19.8 billion rupees. Net revenue, less excise taxes fell 4.8 percent to 6.7 billion rupees.

Cost of sales decreased a faster 17 percent to 4.2 billion rupees leading to gross profits growing 28.2 percent to 2.5 billion rupees.

Other operating income fell 74 percent to 29.6 million rupees.

Distribution expenses grew 20.3 percent to 152 million rupees and administrative costs rose 6.4 percent to 285.9 million rupees.

Net finance income had fallen 80.5 percent to 29 million rupees as short term borrowings fell to 2.2 billion rupees at end September 2018, down from 7.3 billion a year earlier. (COLOMBO, 15 November 2018)

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