Feb 07, 2011 (LBO) - Sri Lanka's CIC, which is strong in agriculture said profits rose 16.9 percent to 382.6 million rupees in the December 2010 quarter with revenues growing 39.9 percent to 6.7 billion rupees.Cost of sales rose at a slower 35.8 percent to 5.2 billion rupees allowing gross margins to swell 54 percent to 1.52 billion rupees.
CIC which has changed its name to CIC Holdings, makes most of its revenue from agriculture where earnings have been volatile in the past especially with delays in government fertilizer subsidies.
The firm reported earnings per share of 4.04 rupees for the quarter. In the nine months to December CIC reported profits of 759 million rupees up 58.7 percent giving earnings per share of 8.01 rupees.
The firm said it is issuing 379,080 voting shares at 136.12 rupees and 1,516,320 non-voting shares at 95.16 to employees which will increase issued capital by about two percent from the November level.
In the nine months 11.05 billion out of 15.6 billion rupees in revenues came from agriculture and livestock. The firm sells agrochemicals, fertilizer and is also in poultry.
CIC told shareholders in its quarterly financial report that agro chemical sales grew 63 percent in the recent Maha major cultivation season. Gross profits from the segment were 1.1 billion rupees.
Sri Lanka's agricultural areas have been hit by major floods in recent weeks.
Consumer and pharmaceuticals brought in 2.7 billion rupees in revenues and 152 million in gross profits.
The firm also sells paints. In the nine months, CIC's construction industry segment brought 576 million rupees in revenues up from 410 million rupees a year earlier, and gross profits of 47.9 million rupees, down from 50.8 million rupees
source - www.lbo.lk
No comments:
Post a Comment