Sri Lanka’s Tokyo Cement returns to profit in June quarter
ECONOMYNEXT – Sri Lanka’s Tokyo Cement Company returned to profit in the June 2019 quarter with net earnings of 549 million rupees compared with a loss of 607 million rupees a year ago, interim accounts showed.
The firm had earlier said it got an increase from the price control authority.
Price controls are a significant challenge to Sri Lanka’s economy generating shortages for consumers and losses for suppliers and producers.
The group, which operates grinding plants and bulk cement terminals, reported earnings per share of 1.37 rupees for the quarter.
The share last traded at 31.80 rupees.
June 2019 quarter sales rose 16 percent to almost nine billion rupees while cost of sales rose three percent, with gross profit up 71 percent to 2.6 billion rupees.
The June quarter of 2018 had included a loss of 380 million rupees on the sale of a vessel.
(COLOMBO, 07 August 2019)