Harry J says Distilleries profits up 134-pct in 4Q17-18 after adjustments

May 04, 2018 (LBO) – Sri Lankan business magnate Harry Jayawardena in his statement to the shareholders of Distilleries said net profit after tax for the forth quarter of 2017/18 is an increase of 134 percent.

Jayawardena said NPAT for the last quarter was 1,902 million rupees compared to the 811.9 million rupees reported in the same period of previous year, showing an year-on-year increase of 134 percent.

“The increase in profit for the quarter is a reflection of adjustments that have been made in November 2017 to recover the all increases in taxes imposed in November 2016,” Jayawardena said.

“Until then the company has been partiality absorbing to somewhat deflect the sharp increase in price that would have otherwise been passed on to the consumer.”

The net profit after tax for the year 2017/18 stood at 4,484 million rupees compared to 4,975 million rupees in the previous year.

This decline of 9.9 percent was as result of lower profitability during the period March 2017 to November 2017, Jayawardena said.

Jayawardena, however, added that based on the performance in the forth quarter of 2018, the company will record impressive results in the ensuing financial year.