Sri Lanka’s Lanka Tiles December quarter net profit down 52-pct
ECONOMYNEXT – Sri Lanka’s Lanka Tiles said group net profits fell 52 percent to 167 million rupees in the December 2018 quarter from a year ago as costs rose although tax expenses were lower.
Interim financial results filed with the stock exchange showed group sales rose 17 percent to 2.7 billion rupees in the period with exports down.
Cost of sales rose 42 percent to 1.7 billion rupees, the accounts showed, with gross profit down 14.7 percent to 630 million rupees.
Lanka Tiles group, which benefits from high import tariffs on tiles, reported sharply lower profits from associate firms in the group while finance costs went up and tax costs halved to 47 million rupees.
December 2018 quarter earnings per share were 3.15 rupees. Lanka Tiles shares closed at 74.10 rupees Friday, down 60 cents or 0.8 percent.
Lanka Tiles’ EPS for the nine months to December 2018 was 6.70 rupees with net profit at 355 million rupees on sales of 6.1 billion rupees.
(Colombo/February 08/2019 – SB)