Sri Lanka’s Sierra Cables December quarter net up 28-pct
ECONOMYNEXT – Sri Lanka’s Sierra Cables, which has been expanding into Africa and the Pacific islands, said December 2016 quarter group net profit rose 28% to Rs81 million from a year ago.
Sales for the quarter rose 51% to Rs1.1 billion, according to interim accounts filed with the stock exchange.
Basic Earnings Per Share for the quarter were 15 cents up from 12 cents a year ago. The share was last traded Rs3.50
EPS in the nine months to December 2016 rose to 49 cents from 41 cents the year before with net profit up 21% to Rs265 million and sales rising 30% to Rs3 billion.
The Sierra group subsidiaries are Sierra Industries (Private) Limited, Sierra Power (Private) Limited, Sierra East Africa Ltd and Associate Companies T & G Lanka (Private) Limited and Tea Leaf Resorts (Private) Limited.
Sierra Cables has set up plant in Kenya to supply transmission and distribution cables to East African countries and plans to set up a joint venture power cable factory in Fiji, with three other partners, where the firm will own a 30 percent stake.
(COLOMBO, Feb 08 2017)