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Monday, February 21, 2011

Distilleries in high spirits

Alcohol producer Distilleries Company of Sri Lanka PLC (DCS) saw net profits grow 57 percent to Rs. 3.24 billion for the nine months ended December 31, 2010 from Rs. 2.07 billion a year ago, unaudited interim financial results submitted to the Colombo Stock Exchange showed.

Its revenue grew by 19 percent during this period to Rs. 35.76 billion from Rs. 29.97 billion a year earlier.

Distribution and administration costs declined 16 percent and 6 percent respectively while finance costs dipped 33 percent leading to pre-tax profit of Rs. 5.02 billion, up 60 percent from Rs. 3.14 billion a year ago.

For the quarter ending December 31, 2010, net profits grew by 38 percent to Rs. 1.22 billion from Rs. 889 million a year earlier. Turnover was up 26 percent to Rs. 13.04 billion from Rs. 10.37 billion.

During the period under review the government had paid DCS a little more than Rs. 5.7 billion on account of the Sri Lanka Insurance Corporation divesture.

source - www.island.lk