Sri Lanka’s largest cement manufacturer Tokyo Cement Company (Lanka) PLC saw its group net profit for the September quarter (2Q16) falling 14 percent year-on-year (YoY) to Rs.489.7 million amid slower top line growth.
The earnings per share (EPS) deteriorated to RS.1.47 from Rs.1.70 reported for the same period in the previous year.
The turnover for the quarter under review fell 4 percent YoY to Rs.7.96 billion with cost of sales falling at a slower pace of 3 percent YoY to Rs.6.26 billion.
The resulting gross profit stood at Rs.1.69 billion, down 7 percent YoY. For the six months ended September 30, 2015 (1H16) net profit fell 7 percent YoY to Rs.955.8 million. The EPS deteriorated to Rs.2.86 from Rs.3.06.
Tokyo Cement is the holding company under which five subsidiaries are operating.
Tokyo Cement said it is liable for the newly introduced Super Gains Tax (SGT) and Rs.105.7 million and Rs.26.6 million has been estimated as SGT for the group and the listed company, respectively.
Meanwhile, Norwegian central bank - Norges Bank - is featured as the eighth single largest shareholder (voting shares) of the company with over two million shares, representing 0.93 percent.
Norges Bank is the third largest non-voting shareholder of the company with over 10.5 million shares, representing 9.6 percent.
Interestingly, the second largest shareholder of Tokyo Cement, Nippon Coke & Engineering of Japan had slashed its interest in the company by over 2 percent within 12 months.