Sri Lanka’s Distilleries net down 7.8-pct, core revenues pick up

COLOMBO (EconomyNext) – Profits at Sri Lanka’s Distilleries group, which has interests in alcohol, insurance, telecoms and plantations fell 7.75 percent from a year earlier to 1.61 billion rupees in the December 2014 quarter but core business revenues were up.

The group reported earnings of 5.37 rupees per share.

On Friday the stock closed at 234.0 rupees, up 4.00. In the 9-months to December 2014, earnings the group reported earnings of 17.72 rupees per share on total profits of 5.3 billion rupees, which rose 8.8 percent.

Group revenues in the quarter rose 7.78 percent to 17.2 billion rupees with revenues after turnover taxes rose 3.24 percent to 7.61 billion rupees. Costs and insurance benefits rose 2.9 percent to 4.0 billion rupees but gross profits also rose 3.6 percent to 3.5 billion rupees.

At the core alcohol unit revenues after turnover taxes rose 9.43 percent to 4.6 billion rupees in the December quarter from a year earlier and costs rose 14.7 percent to 2.1 billion rupees.

But the firm also grew gross profit 5 percent to 2.44 billion rupees.

In the September quarter revenue growth was negative in the alcohol business.