Gas Trend

May 30, 2012 (LBO) – Sri Lanka’s Laugfs Gas Plc, which has interests in cooking gas distribution, emissions testing and leisure posted profits of 639 million rupees in the six months to March 2012, up 15 percent from a year earlier, interim accounts showed. The group reported earnings of 1.39 rupees per share for the six-months to March 2012. For the year to March it reported earnings of 2.43 per share, on profits of 942 million rupees, which were up 10.5 percent.

The firm, which got a listing in 2010, saw its share price close at 19.50 rupees, up 80-cents on Wednesday.

Group revenues grew 33 percent to 4.87 billion rupees and cost of sales grew at a slower 28 percent to 3.85 billion rupees allowing the firm to grow gross margins 54 percent to 1.01 billion rupees.

Profits were helped by one-off acquisition profits of 174 million rupees and 189 million rupees of other income.

The group was also hit by 149 million rupees of foreign exchange losses.

Laugfs said earnings were hit by escalating global LP Gas prices and a weak rupee that pushed import costs up.

At the core liquefied petroleum distribution division, profits fell to 217 million rupees in the half year from 367 million rupees a year earlier.

Laugfs is Sri Lanka’s