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Cold Stores June profits surge 84%


31 July 2015 03:20 am - 0     - {{hitsCtrl.values.hits}}


Ceylon Cold Stores PLC, a unit of the John Keells group, saw its net profit surging 84 percent year-on-year (yoy) to Rs.550 million for the June quarter (1Q16) amid strong performance of its manufacturing and retailing segments.

The earnings per share improved to Rs.5.79 from Rs.3.15.

The revenue for the quarter under review rose 16 percent yoy to Rs.7.8 billion, reflecting higher disposable income of the consumers owing mainly to the administered fuel price cuts and public sector salary hikes.

The cost of sales grew 13 percent yoy to Rs.6.6 billion, leaving a gross profit of Rs.1.18 billion, up 43 percent.

The distribution expenses for the quarter rose just 3 percent yoy to Rs.346.5 million, reflective of significant cut in the fuel prices.
The operating profits for the quarter rose 82 percent yoy to Rs.796.7 million. 

The company also recorded a net finance income of Rs. 21 million against a net finance loss of Rs.8.3 million a year ago. According to a segmental analysis, the company’s manufacturing segment reported a revenue of Rs.2.88 billion for the quarter under review, up from Rs.2.51 billion in the same quarter of the previous year.

The post-tax profit of the segment stood at Rs.406.7 million, up from previous year’s Rs. 273.5 million.

The super market operations generated a revenue of Rs.5 billion against Rs.4.26 billion. The segment’s post-tax profit stood at Rs.148.6 million, up from Rs.24.8 million.

The revenue of the consumer foods and retail sectors amounted to 32 percent of John Keells group in FY15. According to Bartelle Religare research, it would go up to 40 percent in 1H16.

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