May 20, 2011 (LBO) - Sri Lanka's Lanka Walltile group said profits for the March quarter was down 21 percent to 161.1 million rupees with revenues edging up 1.3 percent to 2.29 billion rupees from a year earlier.
The firm reported earnings per share of 2.95 rupees for the quarter. Full year profits were down 14.7 percent to 407 million rupees in accounts filed with the Colombo Stock Exchange.
In the March quarter gross profits rose to 728 million rupees from 548 million despite flat revenues but the firm had a 61 million rupees stock write-off.
The firm reported higher distribution costs of 169 million rupees up from 59 million while unspecified administrative expenses fell to 46 million rupees from 117 million a year earlier.
Lanka Walltiles had closed a factory in Balangoda and offered a voluntary retirement package to 467 workers. It was accepted by 447 employees and 216 million rupees in compensation had been paid up to March 2011.
Parquet (Ceylon) Ltd, a subsidiary had stopped making timber related products and had contracted to sell machinery and spares for 15 million rupees. A loss of 12 million had been suffered up to September 2010.
source - www.lbo.lk
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