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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka brewer hit by forex loss

Sri Lanka brewer hit by forex loss

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1Sri Lanka brewer hit by forex loss Empty Sri Lanka brewer hit by forex loss Thu May 17, 2012 1:43 pm

Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
May 17, 2012 (LBO) - Profits at Ceylon Beverage Holdings Plc, Sri Lanka's top brewer fell 44 percent to 92 million rupees in the March 2012 quarter due to foreign exchange losses, though the underlying business grew.

The firm reported earnings of 4.40 for the quarter. In the year to March the firm reported earnings of 31.94 rupees per share on profits of 670 million rupees, up from 449 million rupees a year earlier.

The government also recently raised taxes on alcohol.

Revenues rose 60 percent to 5.1 billion rupees and cost of sales rose at a faster 76 percent to 3.7 billion rupees, allowing gross profits to grow 28 percent to 1.34 billion rupees.

Finance expenses which also include forex losses rose nearly five-fold to 226 million rupees as Sri Lanka's rupee fell from 110 to 130 rupees to the US dollar during the March quarter.

Many Sri Lankan firms have borrowed in dollars due to lower interest rates, lulled by seeming credibility of the island's rupee peg gained, a phenomenon economist's call liability dollarization.

But Sri Lanka's central bank has the powers to print money and sterilize foreign exchange sales, which can weaken the peg at any time.

The firm's listed subsidiary Lion Brewery said profits grew 41 percent to 186 million rupees. The firm reported earnings of 2.20 for the quarter.

For the year to March it is reporting earnings of 15.23 rupees on profits of 1.2 billion rupees which grew 52 percent from a year earlier.
http://lbo.lk/fullstory.php?nid=1088511591

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