Chemical Industries Colombo PLC (CIC) says the government has paid its dues amounting to Rs250 million which would have a positive impact on the listed company’s profitability.
"The Government of Sri Lanka has released Rs250 million due to price adjustments on sale of fertilizer made during the period November 2008 to March 2009. This will have an impact to the group profitability," CIC said in a filing with the Colombo Stock Exchange yesterday.
CIC made an after tax profit of Rs6 million from continuing operations during the September quarter, down 98 percent from the Rs326 million profit made in the corresponding period of 2008.
After adding profits from discontinued operations, the group’s after tax profit for the period recorded Rs24 million which was still 92 percent below the Rs323 million it made for the corresponding period of 2008.
In interim financial statements filed with the Colombo Stock Exchange, CIC said its "profit for the six months ended 30th September 2009 was adversely affected due to the significant losses recorded in the fertilizer business".
It made a profit of Rs160 million for the six months ending 30th September, down by 74 percent from Rs623 million for the corresponding period of 2008.
source - www.island.lk
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