Sri Lanka’s Ceylon Cold Stores March quarter net down 7-pct

May 27, 2015 (LBO) – Profits at Sri Lanka’s Ceylon Cold Stores, which has interests in consumer goods and retailing, fell 6.75 percent to 601.2 million rupees in the March 2015 quarter from a year earlier with the tax expense doubled, interim accounts showed.

The firm reported earnings of 6.33 rupees per share for the quarter in interim accounts filed with the Colombo Stock Exchange. The stock last traded at 358.10.

The firm said revenues rose 24 percent to 7.4 billion rupees in the quarter and cost of sales also rose 15 percent to 6.2 billion rupees and the firm grew gross profits 114 percent to 1.1 billion rupees.

Other operating income was down 57 percent to 309 million rupees.

Finance costs fell 70 percent to 6.6 million rupees while finance income grew 144 percent to 14.4 million rupees.

Tax expense rose 118 percent to 266.3 million rupees in the quarter.

Ceylon Cold Stores which is a top producer of carbonated drinks, ice cream and has a retail chain posted a net profit of 1.5 billion rupees which is a 25 percent increase in the year to March 2015.