Local sales buoy Lanka Tiles

Ceylon FT: Boosted by local sales, Lanka Tiles PLC reported a net profit of Rs 452.3 million for the nine months ended December 2013, up 21% from a year ago, interim financial results filed with the stock exchange showed.

Export sales during the nine-month period grew 2% year-on-year to Rs 184 million and local sales grew 11% to Rs 3.95 billion.

Cost of sales fell 5% to Rs 2.54 billion.

Distribution costs increased 60% to 324.2 million and [‘other’ income fell 22% to Rs 22.6 million.

Finance cost increased 80% to Rs 129.6 million.

Share of results of associated companies contributed to the bottom line, improving from a negative Rs 13.3 million to a positive contribution of Rs 16.6 million, a 225% improvement.

Lanka Walltiles PLC is the largest shareholder of the company with a 68% stake, followed by the Employees Provident Fund (EPF) which holds 10%. 

Cash flow statements indicated an exchange gain on a US$ loan, of Rs 22 million, during the period.

The company’s Balance Sheet shows a reserves to stated capital ratio of 2.83, and the stated capital currently stands at Rs 900 million.

The shares hit a high of Rs 80 and a low of Rs 65.10 during the December quarter, closing at Rs 78.90 on 31 December 2013.

The total number of shares in issue as at 31 December 2013 was 53,050,410. (JK)

www.ceylontoday.lk

Associated Motor Finance profits dip 3%

Ceylon FT: Associated Motor Finance Co PLC reported a three per cent year-on-year dip in net profits to Rs 112.77 million for the nine months ended December 2013, interim financial results showed.

Net interest income for the period amounted to Rs 286.66 million, up 25% from a year ago. 

Net profits included a Rs 1 million gain on the sale of a financial asset.

‘Other’ expenses surged to Rs 38.60 million, up from Rs 0.25 million a year ago.

The company’s balance sheet shows strong reserves to stated capital ratio of 11.6 to 1, indicative of opportunities for further growth.

The shares hit a high of Rs 359.80 and a low of Rs 334 during the nine months to 31 December 2013.

Imperial Import & Export Co. (Pvt) Ltd is the single largest shareholder of the company with a 43% holding, amounting to 2.4 million ordinary shares. 

The two major shareholders hold more than 85% of the share capital of the company, the second being J. P. I. Nalantha Dayawansa with a 42.76% stake. (JK)

www.ceylontoday.lk