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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Excise duty increase drives up brewery turnover

Excise duty increase drives up brewery turnover

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Ceylon Beverage Holdings PLC, the holding company of Lion Brewery, has posted a turnover of Rs.5.3 billion in the first quarter of the current financial year ended June 30, 2012, up from Rs.3.9 billion earned during the same period last year.

Shareholders have been told in an interim statement that this increase partly reflects two excise duty increases of Rs.5 per litre each effective from October 2011 and March 2012.

Pre-tax profits were 12% below the previous year’s first quarter as a result of higher financing charges and losses made on account of borrowings made in foreign currency. Post-tax profits at Rs.300.8 million were also marginally lower than in the comparative quarter the previous year.

The company posted an after-tax profit of Rs.159.5 million, down from Rs.182.4 million a year earlier, in the period under review translating to earnings per share of Rs.7.60 against Rs.8.69 a year earlier.

During the year ended March 31, 2012, the company posted a profit of Rs.239.6 million after-tax on revenue of Rs.319.8 million.

Carson Cumberbatch with 74.93% and Carlsberg AS with 7.99% are the major shareholders of the company.

Ceylon Beverage Holdings has a stated capital of Rs.533.4 million, capital reserves of Rs.126.4 million and revenue reserves of Rs.806 million in its books. Total assets of the company ran at Rs.1.85 billion and total liabilities at Rs.386.9 million.

The company’s share traded at a high of Rs.400 and a low of Rs.240 during the first quarter compared to a trading range of Rs.649.50 and Rs.375 a year earlier.

The directors of the company are: Messrs. L.C.R. de C. Wijetunge (Chairman), H. Selvanathan (Deputy Chairman), M. Selvanathan, S.K. Shah (CEO), D.C.R. Gunawardena and G.J. Fewkes.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=61075

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