Sri Lanka’s Distilleries June net up 10-pct with beverage revenues

Aug 11, 2016 (LBO) – Profits at Sri Lanka’s Distilleries group, the island’s largest alcohol maker, rose 9.55 percent to 1.9 billion rupees in the June 2016 quarter from a year earlier, interim accounts showed.

In the June quarter, net revenues rose 35 percent to 25.9 billion rupees and sales related costs rose 25 percent to 5.3 billion rupees a making gross profit of 4.0 billion rupees up 21 percent.

The group reported earnings of 6.41 rupees per share for the quarter against 5.85 rupees reported a year ago. The share traded at 268.40 rupees on Wednesday.

In the segmental analysis, profits from the beverages segment rose 30 percent to 2.8 billion rupees in the quarter but losses of telecommunications sector rose 62 percent to 253 million rupees.

Plantations sector losses fell from 102 million rupees to 35 million rupees and diversified segment profits fell 58 percent to 145 million rupees in the quarter.

By the end of 2016 financial year, there were 10,615 public shareholders holding 42.34 percent of company shares.

The Company made an application to the District Court of Colombo on 01 August 2016, seeking approval to carry out a share swap that will result in the shareholders of DCSL PLC becoming shareholders of Melstacorp Limited.