Sri Lanka’s Ceylon Cold Stores net up 56-pct in June quarter

Ceylon-Cold-Stores

July 22, 2016 (LBO) – Profits at Sri Lanka’s Ceylon Cold Stores, which has interests in consumer goods and retailing, surged 56 percent to 855 million rupees in the June 2016 quarter from a year earlier as revenues rose 30 percent.

Ceylon Cold Stores is a top producer of carbonated drinks, ice cream and has a retail chain.

The firm reported earnings of nine rupees per share for the quarter in interim accounts filed with the Colombo Stock Exchange. The stock closed at 591 rupees Thursday.

The firm said revenues rose 30 percent to 10.3 billion rupees in the quarter, and cost of sales also rose 28 percent to 8.5 billion rupees — the firm grew gross profits 38 percent to 1.8 billion rupees.

Unspecified other operating income was up 8 percent to 221 million rupees.

Finance costs fell 45 percent to 2.0 million rupees while finance income rose 133 percent to 57.2 million rupees.

In the segmental analysis, manufacturing sector profits rose to 901 million rupees in the quarter from 407 million rupees against the previous year.

Retail sector profits rose to 239 million rupees in the quarter from 149 million rupees, a year earlier.

The Colombo Ice Company (Private) Limited (CICL), a wholly owned subsidiary of Ceylon Cold Stores was incorporated on 18th May 2016.

CICL entered in to an agreement with the BOI on 18th July 2016 to lease a land extent of 9 acres for a period of 50 years for the establishment of an Ice Cream factory.

Ceylon Cold Stores celebrates its 150th anniversary this year.