Disgraced Environmental Resources Investment PLC (ERI) saw its profits tumble during the September quarter, reporting a loss of Rs. 17.3 million after recording a profit of Rs. 63.2 million the previous year, interim financial results tabled with the Colombo Stock Exchange showed.
Company revenue had dropped 63 percent during the quarter to Rs. 36.7 million. Administration expenses grew 20 percent to Rs. 39.4 million.
Group net profit for the quarter fell nearly 58 percent to Rs. 67.4 million from Rs. 160.4 million a year earlier. Revenue grew an impressive 173 percent to Rs. 1,420.9 million, cost of sales grew 327 percent to Rs. 1,195 million. Negative goodwill grew 189 percent to Rs. 201.2 million. Finance cost was up 238 percent to Rs. 36.7 million.
The Securities and Exchange Commission earlier this year had fined the company and three of its directors close to Rs. 10 million for market offences that had been compounded without admission of guilt, thus avoiding criminal proceedings before the law.
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