ECONOMYNEXT – Ceylon Leather Products PLC (CLPL), a unit of Sri Lanka’s Environmental Resources Investment, has announced a loss in the September 2015 quarter, with a footwear exporter it bought for 418 million rupees ceasing operations.
CLPL made a loss of 42 million rupees in the September 2015 quarter compared with a profit of 66 million rupees a year ago, according to interim accounts filed with the Colombo stock exchange.
Sales in the quarter were up two percent to 1.9 billion rupees.
“Palla & Company (Pvt) Ltd., a 60 percent-owned subsidiary of the company suspended its operation with effect from 31 August 2015,” a note to the accounts said.
The accounts showed that administrative expenses in the September 2015 quarter includes payment of compensation amounting to 45.6 million rupees to employees of Palla and Company (Pvt) Ltd due to the discontinuation of the business.
CLPL announced it had bought the stake in Palla & Company (Pvt) Ltd. for 418 million rupees in January 2012.
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