It reported sharp falls in pre-tax profits from consumer products and consumer electronics, and sewing and kitchen related products.
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Chairman Hemaka Amarasuriya said in a statement sales had stabilised at lower levels while the firm had also managed to cut costs.
" . . . in comparison to the third quarter of 2008, when we saw early signs of a declining economy and the fourth quarter of 2008 where negative market trends aggravated further, our current quarter™s revenue remains stable and in line with forecasts," he said. .
"As we adjust to changing slow market conditions I am pleased to report that we have been able to benefit from global trends in cost reductions for merchandise to improve gross margins to 39.
6 percent."
The firm's single biggest expense line, selling and administrative cost, has been successfully pruned down by 108 mi