Sri Lanka CIC agro firm annual net up 58-pct

May 30, 2011 (LBO) – Sri Lanka’s CIC Holdings group said net profit for the financial year to March 2011 rose 58 percent to 929 million rupees from a year ago driven mainly by its agriculture and livestock business. Sales rose 27 percent to 21 billion rupees, the company said in a stock exchange filing.

Operating profit from its agriculture and livestock business rose to 1.2 billion rupees during the year from 671 million rupees the year before.

Other income fell 53 percent to 227 million rupees during the year as the group did not get any funds from a government fertiliser subsidy, the accounts showed.

Last year, the group’s CIC Agri Business got 250 million rupees.

In the March 2011 quarter, CIC Holdings said net profit rose 52 percent to 170 million rupees from a year ago with sales up 30 percent to 5.4 billion rupees.