Sri Lanka’s Bogala Graphite returns to profit

May 18, 2013 (LBO) – Sri Lanka’s Bogala Graphite Plc, a unit of Germany’s AMG Mining AG, returned to a profit of 15.6 million rupees in the March 2013 quarter despite a fall in revenues as forex losses last year reversed. The foreign exchange gain for the current period from a Euro loan was 8.5 million rupees compared to a loss of 32.9 million rupees a year earlier, the company said.

The firm reported earnings of 33 cents per share.

Revenues fell 17 percent to 118.0 million rupees from a year earlier at Bogala Graphite group and expenses rose 8.0 percent to 80 million rupees, but the firm still grew gross profits 22 percent to 38.2 million rupees.

Administrative expenses which include unrealized gains and losses in forex denominated loans fell to 5.6 million rupees in the March 2013 quarter, from 42 million rupees last year.