Sri Lanka’s Royal Ceramics December quarter profit down 8.6-pct
ECONOMYNEXT – Net profits at Sri Lanka’s Royal Ceramics group fell 8.6 percent to 814 million rupees in the December 2018 quarter from a year ago, as costs rose despite lower tax expenses, interim accounts showed.
Total quarterly sales of the group, part of Vallibel One group, rose 8.2 percent 10.5 billion rupees, according to the accounts filed with the stock exchange.
Quarterly earnings per share were 7.34 rupees.
Shares of Royal Ceramics group, which enjoys protective import tariffs on their ceramic products, were trading at 72.10 Monday morning, up 40 cents or 0.6 percent.
In the nine months to December 2018, EPS was 14.47 rupees, with net profit down 23 percent to 1.6 billion rupees while sales were up eight per cent to 25.6 billion rupees.
The accounts showed finance expenses rose 59 percent to 590 million rupees in the December 2018 quarter.
The Royal Ceramics group includes sanitaryware maker Rocell Bathware Limited and the tile manufacturers, Lanka Tiles and Lanka Walltiles.
Group tax costs fell 39 percent to 244 million rupees in the December quarter.