ECONOMYNEXT – Sri Lanka’s Royal Ceramics said September 2017 quarter group net profit fell 7.3% to Rs682 million from a year ago.
Total group sales rose 12% to Rs7.5 billion, according to interim accounts filed with the stock exchange.
Quarterly earnings per share were Rs6.16. the stock last traded at Rs120.
EPS for the six months to September 2017 were Rs10.84 with net profit down 12% to Rs1.2 billion although sales rose 10% to Rs13.9 billion.
The accounts showed lower profits in the tiles, sanitaryware and aluminium businesses although plantations returned to profit from a loss the year before while tax costs were up 23% during the period.
During the quarter Lanka Tiles, a subsidiary of Royal Ceramics, invested in 51% shareholding in the subsidiary, Lankatiles Private Limited, incorporated in Bengaluru, India.
Lanka Tiles intends to distribute locally manufactured tiles in the Indian market through this subsidiary.
(COLOMBO, November 09, 2017)