Wed, 01 Dec 2021 Today's Paper

Sri Lanka’s largest brewer sees challenging year ahead with tourism slowdown

15 August 2019 12:01 am - 0     - {{hitsCtrl.values.hits}}


  • Earnings up 7% to Rs.737.7mn in 1Q20
  • Beer sales up 10% to Rs.11.7bn
  • Pays Rs.7.2bn in Excise Duty


Sri Lanka’s largest brewer saw its earnings for the quarter ended June 30, 2019 (1Q20) rising modestly but Lion Brewery PLC (LION) expects a difficult financial year ahead, following the April 21 Easter Sunday attacks that dealt a paralysing blow to the country’s booming tourism industry.

LION reported earnings of Rs.9.83 per share or Rs.786.2 million for the quarter under review, against earnings of Rs.9.22 per share or Rs.737.7 million reported for the same period, last year, which indicates an increase of 7 percent year-on-year (YoY).

The beer sales for the quarter rose 28 percent YoY to Rs.11.7 billion. LION reported a gross profit of Rs.2.7 billion, up 10 percent YoY, despite a 34 percent hike in the cost of sales.
However, a 170 percent YoY spike in other expenses to Rs.230 million saw the group reporting an operating profit of Rs.1.5 billion, down 3 percent YoY.


  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.

Reply To:

Name - Reply Comment

Focus on Laggala Gem mining big shots bigger than the law

The truth is now being uncovered regarding an illegal mining racket in state

How and why the TNA was formed twenty years ago

The Tamil National Alliance (TNA) is now twenty years of age. The premier pol

India lays emphasis on culture diplomacy with Sri Lanka

Indian Prime Minister Narendra Modi wanted to inaugurate the Kushinagar Inter

Bittersweet memories of a ‘City that never slept’

At the heart of Eastern Province lies a now abandoned ghost town punctuated w