The group's gross profit and underwriting revenue rose 20 percent to almost 3.6 billion rupees over the same period with associate company income up 37 percent to 150 million rupees, according to a stock exchange filing.

But gross turnover of the group, controlled by businessman Harry Jayawardena, was down six percent to 15.5 billion rupees in the quarter.

Investors have been concerned about the fate of Sri Lanka Insurance, which Distilleries took control of in a controversial privatization exercise some years ago.

They are worried that the privatization, which has been challenged in court, might be reversed after the supreme court reversed another privatization of a state-owned ship fuel monopoly that had been bought by the John Keells group.

A verdict in the Sri Lanka Insurance case is said to be imminent.

The Distilleries group includes its subsidiary Lanka Bell, the island's second largest fixed line operator.

The conglomerate, apart from its alcohol producing and distribution business, also has controlling stakes in Apollo Hospitals and some plantation companies.

Distilleries group net profit for the nine months ending December 31, 2008 went up 36 percent to 3.6 billion rupees from the same period a year ago with gross turnover up 6.3 percent to 46.8 billion rupees.

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