Sri Lanka’s Distilleries group net down despite stronger sales
ECONOMYNEXT – Profits at Sri Lanka’s Distilleries group which has interests in alcohol, insurance and plantation fell 22 percent to 1.49 billion rupees, amid higher expenses charged, despite strong revenue growth, interim accounts showed.
The firm reported earnings of 4.83 rupees per share.
At the core alcohol firm revenues rose 45 percent with taxes to 16.5 billion rupees, and net revenues also grew 26 percent to 5.0 billion rupees. But direct costs charged rose 56 percent to 2.9 billion rupees, shrinking gross profits 0.78 percent.
At group level net revenue rose 15 percent to 8.0 billion rupees, cost of sales and benefits paid rse 35 percent to 5.0 billion rupees and gross profits fell 7 percent to 2.97 billion rupees.
In the six months to September, beverages brought 4.0 billion rupees of pre-tax profits, while plantations lost 177 million rupees, down from an 80 million rupee profit a year earlier.
Telecoms lost 278 million rupees down from 109 million rupees and financial services made profits of 155 million rupees up from 55 million rupees. Diversified sector made profits of 542 million rupees down from 586 million rupees.