Sun, 01 August 2010  06:14:06
Distilled Dip
02 Sep, 2008 18:33:54
Sri Lanka Distilleries June profit falls as costs rise
Sept 02, 2008 (LBO) - The Distilleries Company of Sri Lanka group said net profit for the June quarter fell 16 percent to 1.15 billion rupees from a year ago.

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Gross turnover went up 9.5 percent to 16 billion rupees over the same period, according to interim results released by the firm.

The group, whose main business is making and marketing liquor products, said cost of sales rose 35.6 percent to 625 million rupees, compared to the same period the year before.

Investment income and other income went up 27.5 percent to almost 1.7 billion rupees.

The group, owned by tycoon Harry Jayawardene, ended the last financial year with earnings growing to 4.1 billion from 3.6 billion rupees the previous year.

Group profits includes those of Sri Lanka Insurance Corporation, about which there is uncertainty owing to a legal challenge of the manner in which Jayawardene bought the insurance firm in a privatisation exercise.

A supreme court decision is expected to be announced soon.

Corrected - last financial year earnings

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