Aug 05, 2010 (LBO) - Sri Lanka's Dankotuwa Porcelain made a loss of 15.6 million rupees in the June 2010 quarter, the same as a year ago, adding to losses in the previous quarter, a stock exchange filing showed.
However the tableware exporter said sales rose 14 percent to 286 million in the June 2010 quarter from a year ago as orders improved.
It made a loss per share of 65 cents compared with a loss of 66 cents the year before.
Losses in the first half doubled to 32 million rupees with sales in the first quarter hit by production problems caused by difficulties in importing clay as well as pigments needed for tableware decorations.
In June Dankotuwa Porcelain said it has struck a deal with a consortium of investors to get 433.5 million rupees in fresh capital that will help the loss-making firm to turnaround.
The tableware exporter has entered into an agreement with a consortium consisting of Environmental Resources Investments (ERI) and Ceylon Leather Products (CLP).
Heavy trading and wild price swings in shares of Dankotuwa and CLP and warrants of ERI caused the market regulator to suspend trading earlier this week.
The trade suspension was lifted Thursday after the regulator imposed a 10 percent price band on share transactions.
source - www.lbo.lk
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