Sri Lanka’s Lanka Tiles June quarter net profit down 61-pct

ECONOMYNEXT – Sri Lanka’s Lanka Tiles group net profits fell 61 percent to 33 million rupees in the June 2019 quarter from a year ago as costs rose sharply although tax expenses fell.

The June quarter earnings per share were 63 cents. Lanka Tiles shares closed at 71.90 rupees, down 2.10 or 2.84 percent Thursday.

Interim financial results filed with the stock exchange showed group sales rose 12 percent to 1.6 billion rupees in the period with exports down and cost of sales rising by 26 percent.

Gross profit contracted 13 percent to 382 million rupees.

Lanka Tiles group, which benefits from high import tariffs on tiles, reported 19 million rupees in profits from associate firms while finance costs rose to 56 million rupees although tax expenses fell 87 percent to 5.4 million rupees.
(COLOMBO, 08 August 2019)