Distilleries 1Q saved by beverage operations

19 August 2015 04:49 am - 0 - {{hitsCtrl.values.hits}}

A A A

Distilleries Company of Sri Lanka PLC posted a net profit of Rs.1.76 billion for the first quarter of 2015/16 (1Q16), up 5 percent year-on-year (YoY), owing to a positive performance in beverages, which cushioned the weak performances of all the other segments.

The gross revenue increased 14.77 percent YoY to Rs.19.23 billion; yet, the net revenue increased just 7.61 percent YoY to Rs.7.58 billion, possibly due to the increased excise duty in October 2014, which increased turnover-based taxes to Rs.11.65 billion from Rs.8.12 billion YoY.

The cost of sales increased 12.59 percent YoY to Rs.4.27 billion while gross profits increased 1.8 percent YoY to Rs.3.31 billion.

Operating profits decreased 6.48 percent YoY to Rs.2.18 billion, due to the 44 percent YoY fall in the other operating income to Rs.209.73 million and the administrative expenses increasing 6.11 percent YoY to Rs.869.91 million, despite the distribution expenses falling 3.66 percent YoY to Rs.457.58 million.
The net finance income increased to Rs.103.24 million from a net finance cost of Rs.37.97 million. The main beverages segment—both production and imported sales—recorded a turnover of Rs.16.98 billion, up from Rs.12.56 billion YoY.

The plantation revenues fell to Rs.564.31 million from Rs.732.42 million YoY, telecommunications—represented by Lanka Bell—revenues fell to Rs.829.60 million from Rs.885.16 million YoY and the diversified sectors, which include sugar, financial services and logistics, posted revenues of Rs.857 million compared to Rs.979.48 million YoY.

The beverages segment profit before tax (PBT) increased to Rs.2.12 billion from Rs.1.94 billion YoY, plantations recorded a loss before tax of Rs.102.35 million from a PBT of Rs.23.25 million YoY and telecommunications too recorded a loss before tax of Rs.156.74 million compared to a PBT of Rs.2.86 million YoY, while diversified PBT increased to Rs.419.83 million from Rs.323.63 million YoY.

Chairman/MD Harry Jayawardena controls majority of the shares through Milford Exports (Ceylon) (Pvt.) Limited with 41.49 percent of shares, Lanka Milk Food (CWE) Limited with 12.65 percent and Melstacorp Limited with 2.88 percent.

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Distilleries 1Q saved by beverage operations

Comments - 0

Add comment

RECOMMENDED

Wokeism: The Transgender and Drag Queen Conversation

How Lanka’s National anthem was amended due to superstition

Import of South Indian eggs: Sri Lanka walks on Indian eggshells

Wokeism: Is it destructive, or are you afraid of change? A response

Defeat in Ananthapuram Battle denoted the LTTE’s end

Wokeism: A Weapon of Mass Destruction?

Fake news fraud using Prabha and family

Most Viewed in News

SL Rupee continues to depreciate against USD

How Lanka’s National anthem was amended due to superstition

SL Rupee appreciates against USD

Ex-lover extorts millions from female over nude photos

Rupee will gradually come down to 200 or 185 – President expresses hope

Brothel allegedly run by popular actress raided in Kandy

TODAY'S HEADLINES

SL no longer a bankrupt nation: President

Chief Inspector who allegedly helped Pulastini to flee the country granted bail

UN team here for additional SL combat contingent for Mali

SL should be ashamed of having to seek IMF bailout: Vijitha

MIRROR CRICKET

New Zealand demolish Sri Lanka to sweep Test series

Williamson, Nicholls double tons put New Zealand on top in second Test

Royal College well-placed for win, S. Thomas’ 43 for 3

Royal declare second innings, give Thomians a 342-run target

Vishwa, Thenuka guide Kalutara PCC to victory

Only medal prospects for Asian Games, Arjuna says

Nippon Karting Slalom Championship 2023 organised by CMSC on March 26

New Zealand demolish Sri Lanka to sweep Test series