Sri Lanka’s Lion Brewery June quarter net up 07-pct

ECONOMYNEXT- Sri Lanka’s largest beer producer Lion Brewery (Ceylon) Plc said June 2019 quarter net profits grew seven percent to 786 million rupees from a year earlier with sales likely to be hit by the impact of April’s suicide bombings.

Earnings per share for the quarter were 9.83 rupees, according to interim accouts filed with the stock exchange.

The firm’s share was trading at 575 rupees at the Colombo Stock Exchange Thursday morning, up five rupees or 0.9 percent.

Revenue for the quarter grew 28 percent to 11.8 billion rupees from a year earlier, while cost of sales grew 34 percent to nine billion rupees and gross profit grew 10 percent to 2.7 billion rupees.

Net finance costs for the quarter fell 59 percent to 126 million rupees.

“The events of April 21st and the challenges faced by the economy subsequently, will likely exert pressure on the company’s results in the forthcoming quarters,” a note to the accounts said.

“Tourism is unlikely to reach the previous year’s level and footfall of local patrons into on premise outlets is also not expected to pick up significantly in the short term. Thus the remainder of the year will prove challenging.”
(COLOMBO, 15 August 2019)

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