Sri Lanka’s Lion Brewery December quarter net up 169-pct

ECONOMYNEXT- Sri Lanka’s largest beer producer Lion Brewery (Ceylon) Plc said its net profits for the December 2018 quarter grew 169 percent to 1.1 billion rupees from a year earlier with higher sales from tourism and exports.

Earnings per share for the quarter were 13.87 rupees. The firm’s share closed trading 10 rupees higher at 590 rupees at the Colombo Stock Exchange on Thursday.

Revenue for the quarter grew 41 percent to 11.3 billion rupees from a year earlier, while cost of sales grew 37 percent to 8.3 billion rupees and gross profit grew 55 percent to 3 billion rupees.

The firm said demand for its beer has grown in global markets and it now exports two containers daily.

Net finance costs for the quarter fell 41 percent to 202.5 million rupees.

Long-term borrowings of Lion fell 24.9 percent to 3.6 billion by end-December from the start of the financial year, while short-term borrowings fell 6.8 percent to 6.4 billion rupees.

For the first nine months of the 2019 financial year, the firm’s net profits grew 192 percent to 2.4 billion rupees from a year earlier while earnings per share were 29.91 rupees. (Colombo/Feb14/2019-SB)

 

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