Sri Lanka’s Tokyo Cement in the red, vessel sale adds to loss

ECONOMYNEXT –  Sri Lanka’s Tokyo Cement Plc, which operates grinding plants and bulk cement lost 605 million rupees in the June 2018 quarter as revenues fell, with the loss on the sale of a ship adding 380 million to the loss, interim accounts showed.

The group reported profits of 807 million rupees for the June 2017 quarter. Tokyo Cement reported a loss of 1.31 rupees per share for the quarter.

Gross profits fell 27 percent to 1.507 billion rupees for the quarter, with revenues falling 4 percent to 7.76 billion rupees and costs rising 4 percent to 6.2 billion rupees.

The sale of a ship owned by the firm added 380 million rupees to losses.

Finance expenses rose 170 percent to 380 million rupees.

Tokyo told shareholders that delayed local government polls had halted country wide small projects generating a slowdown in construction. (Colombo/Aug09/2018)

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