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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Retail losses drive down Elephant House’s 9-month profit

Retail losses drive down Elephant House’s 9-month profit

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sriranga

sriranga
Co-Admin

The nine-month results of Ceylon Cold Stores PLC (best known as Elephant House) has slumped 29% in group profit terms to Rs.492.8 million on the back of a disappointing third quarter where the profit was down 84% to Rs.62.5 million, an interim financial statement now with shareholders revealed.

At company level, the results were better with the nine-month profit down 16% to Rs.593.1 million while the third quarter result was less disappointing at Rs.102.5 million, down 70% from a year earlier.

Segmentally, results indicate that the downturn was largely on account of the retailing which had suffered a loss of Rs.100.3 million during the period under review against a loss of Rs.18.9 million a year earlier.

Manufacturing too had seen a dip with the nine-month profit down to Rs.593.1 million from Rs.710.1 million a year earlier.

Elephant House is the country’s leading ice cream manufacturer and is also big on carbonated soft drinks although competition from the Coca Cola range has been eating into the market share.

CCS is a member of the John Keells Holdings group with JKH owning 70.6% of the company and JKH subsidiary Whittal Boustead’s owning 10.7%. Thee are only two other shareholders with over one percent of the company, though both including the EPF own less than 2 percent each.

Ceylon Cold Stores has a stated capital of Rs.918.2 million, group revenue reserves of Rs.3.58 billion and other components of equity of Rs.2.9 billion.

Group total assets ran at Rs.12.6 billion, non-current liabilities at Rs.1.25 billion and current liabilities at Rs. 4 billion.

Outside the dominant shareholdings, the EPF owns 1.3% of the company with the majority of the shareholders being local.

The company’s net assets per share had grown to Rs.81.04 at the end of last year from Rs.62.38 a year earlier and Rs.78.80 as at March 31, 2012.

The CCS share traded at a high of Rs.134.50 in the December quarter and a low of Rs.115 against a trading range of Rs.113.50 and Rs.85.50 a year earlier.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=73283

http://sharemarket-srilanka.blogspot.co.uk/

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