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Monday, February 7, 2011

Sri Lanka tyre maker sales, costs, up.

Feb 07, 2011 (LBO) - Sri Lanka's Kelani Tyres, which runs a joint venture plant with India's CEAT said net profits rose 11.7 percent to 74.9 million rupees in the December 2010 quarter from a year earlier despite a steep rise in costs.

Sales volumes rose 5.2 percent to 3,753 metric tonnes in the quarter, while production rose 10.6 percent to 3,826 tonnes.

Revenues rose 37.1 percent to 1,028 million rupees and costs rose at a faster 45 percent to 796.6 million, making gross profits grow at a slower 15.0 percent to 231.7 million rupees, according to unaudited accounts filed.

The firm reported earnings per share of 93 cents for the quarter.

For the nine months to December Kelani Tyres said sales grew 17.3 percent to 11,131 metric tonnes and production rose 13.6 percent to 10,905 tonnes.

Group profits rose 18.7 percent to 208.7 million rupees. The firm reported earnings of 2.58 rupees per share for the nine months.

source - www.lbo.lk