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Sri Lanka’s Melstacorp December net down 7-pct

ECONOMYNEXT – Melstacorp Limited, a diversified group that controls Sri Lanka’s largest hard alcohol maker, said December 2016 quarter net profit fell 7 percent to Rs1.67 billion from a year ago.

Sales rose 17 percent to Rs27.5 billion over the period, according to the group’s first set of interim accounts, as the listed company filed with the Colombo Stock Exchange.

The accounts showed a sharp hike in finance and tax costs during the quarter, with earnings per share at Rs1.34. The share was trading at Rs65 at mid-day Friday. EPS for the nine months ended 31 December 2016 was Rs4.66, with net profit up 16 percent to Rs5.78 billion and sales up 29 percent to Rs81.9 billion.

The group’s liquor business continued to dominate sales and profits with its plantations and mobile phone units making losses and lower earnings from its financial services and diversified sectors.

Melstacorp is now the holding company of Distilleries Corporation of Sri Lanka, following a share swap in which former Distilleries stockholders were issued Melstacorp shares. (COLOMBO, Feb 17, 2017)

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