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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka Royal Ceramics net down 32 percent

Sri Lanka Royal Ceramics net down 32 percent

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
July 31, 2012 (LBO) – Sri Lanka’s Royal Ceramics Lanka PLC, a tile and bathware maker said net profits for the June 2012 quarter fell 32 percent to 267.78 million rupees dragged down by its main tile segment.

It reported gross revenues grow 22 percent to 1.86 billion rupees, during the June quarter, according to interim financial statements released to the Colombo Stock Exchange.
The group reported earnings of 2.35 rupees for the quarter.

The stock closed down 1.00 rupee to 90.00 rupees on Monday.

Group gross revenues grew 23 percent to 5.8 billion rupees.

At the core the firm’s profits fell 70 percent to 33.9 million rupees helped by a 72.58 million rupees share sales.

The company made a 134.23 million rupee provisioning for fall in value of investments during the quarter off a zero provisioning the previous year.

In April, RCL bought a 51 percent stake of Asia Siyaka Commodities Limited for 337.62 million rupees.

The group reported a ‘substantial increase’ in administrative expenses, trade and other receivables and trade and other payables after Asia Siyaka was included into its portfolio.

In a note to shareholders, the group said land and buildings of Royal Ceramics Lanka PLC, Royal Porcelian (Pvt) Limited and Rocell Bathware Limited were revalued during the quarter and the surplus arising from revaluation net of deferred tax was transferred to a revaluation reserve.

Profits from the main tile segment fell to 120.84 million rupees in the June quarter from 371.70 million rupees a year earlier.

The sanitarywear segment profits rose to 46.91 million rupees over 18.75 million rupees.

Paints and allied products made a loss of 5.73 million rupees over a profit of 1.08 million rupees a year earlier.

Share of associate profits was 147 million rupees over a zero-base a year earlier.

Businessman Dhammika Perera controlled Vallibel One PLC controls 51 percent of the stock, while state-managed pension fund, the Employees Provident Fund is the third largest shareholder with 7.53 percent of the stock.
http://lbo.lk/fullstory.php?nid=996609655

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