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Sri Lanka textile mill boosts revenue, profits

Feb 20, 2013 (LBO) - Sri Lanka's Kuruwita Textiles said boosted revenues 31 percent in the December 2012 quarter from a year earlier and profits rose 20 percent to 15.

9 million rupees, despite narrower margins interim accounts showed. He said the company was working on new customers and strengthening existing relationships and was also working on improving productivity.
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The firm reported earnings of 64 cents per share for the quarter.

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In the nine months to December the firm reported losses of 3.


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84 rupees per share on total losses of 95 million rupees, which fell from 276 million rupees a year earlier.
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Revenues rose 36 percent to 2.34 billion rupees, cost of sales rose at a faster 42 percent and gross profits fell 15 percent to 2.

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1 billion rupees, according to interim accounts filed with the Colombo Stock Exchange.

Interest expenses rose to 45 million rupees in the quarter from 27 million rupees a year earlier.

Chairman Aslam Omar said the gross profit margin fell to 6 percent in the quarter from 10 percent a year earlier.



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"This reduction is primarily due to the aggressive marketing strategy followed by the company during the period which resulted in top line growth," Omar told shareholders.

"The manageme

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