Sri Lanka’s Lanka Tiles Sept quarter net profit up 51-pct
ECONOMYNEXT – Sri Lanka’s Lanka Tiles group net profits rose 51 percent to 157 million rupees in the September 2019 quarter from a year ago despite slower sales as it managed to cut costs, interim accounts showed.
Quarterly sales of the group, which benefits from high import tariffs on tiles, fell 11.8 percent to 1.8 billion rupees during the period while cost of sales fell 22 percent to 942 million rupees.
The accounts filed with the stock exchange showed profits of 15 million rupees from associate firms compared with a loss the previous year.
Lanka Tiles September quarter earnings per share were 2.95 rupees. The share was trading at 71,50 rupees Thursday, up 50 cents or 0.7 percent.
Six months EPS were 3.58 rupees with net profit stagnant at 190 million rupees while sales grew two percent to 3.4 billion rupees.
(COLOMBO, 07 November 2019)