Royal Ceramics profits shoot up over 200%

11 August 2015 02:36 am - 0 - {{hitsCtrl.values.hits}}

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Royal Ceramics Lanka PLC (RCL), which controls Sri Lanka’s ceramic tile manufacturing having bought over the rivals, said its June quarter (1Q16) net profit rose 249 percent year-on-year (YoY) to Rs.562.3 million.

The earnings per share improved to Rs.5.08 from Rs.1.45.

The consolidated top line rose 15 percent YoY to Rs.5.5 billion and the cost of sales was Rs.3.44 billion, up 14 percent. This resulted in a healthy 29 percent YoY increase in gross profit to Rs.1.69 billion. The group’s distribution and administrative expenses rose 23 percent and 10 percent YoY, respectively while finance expenses fell 28 percent YoY to Rs.208.9 million. The company paid Rs.197.3 million as taxes to the government during the quarter under review, up 77 percent YoY. A segmental analysis showed the tile segment reporting a total revenue of Rs.3.5 billion for 1Q16, up from Rs.2.81 billion in 1Q15. The post-tax profit surged to Rs.434 million from Rs.90.16 million.

The total revenue of the sanitaryware segment stood at Rs.257.4 million, slightly up from Rs.227.4 million. The post-tax profit however edged down to Rs.53.1 million from Rs.56 million.

The paints and allied products segment narrowed its losses to Rs.12.7 million from Rs.21.1 million with a higher revenue of Rs.27.8 million.The plantations segment recorded a post-tax loss of Rs.52.2 million against a post-tax profit of Rs.18.9 million. The revenue fell to Rs.477.2 million from Rs.541.3 million.
The net profit of the aluminum segment remained flat at Rs.16 million despite a higher revenue of Rs.348.9 million.

The packaging operations recorded a net profit of Rs.39.1 million, up from Rs.26.9 million. The revenue however edged up to Rs.548.4 million from
Rs.547.1 million.

Business magnate Dhammika Perera’s Vallibel One PLC holds 51 percent of RCL while state-owned private sector pension fund the Employees’ Provident Fund (EPF) holds 14.77 percent as the second largest shareholder.

Royal Ceramics Lanka group consists of Lanka Ceramics and its subsidiaries, Lanka Tiles and Lanka Walltiles along with Royal Porcelain (Pvt.) Ltd, Rocell Bathware Ltd, Royal Ceramics Distributors (Pvt.) Ltd, Ever Paint and Chemical Industries (Pvt.) Ltd, Rocell Ceramics Limited and Rocell Pty Ltd – Australia.
Sri Lanka has extremely high import tariffs on ceramic products.

Currently, import tariff of 74 percent is imposed on most ceramic and tile products.

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Royal Ceramics profits shoot up over 200%

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