The net loss of the tablewear manufacturer, Dankotuwa Porcelain Plc (DPL) widened to Rs.33 million in the first quarter of financial year 2012 from Rs.16 million in the same quarter previous year, the un-audited financial statements of the company showed.
The turnover of the firm also dropped 6 percent to Rs.269 million while the cost of sales during the period increased by 10 percent to Rs.248 million.
The administrative expenses of the company have reduced 33 percent to Rs.24 million while the capital expenditure during the period under consideration was just Rs.8 million.
Environmental Resources Investment PLC (ERI), Ceylon Leather Products PLC (CLPL) invested Rs. 433 million in DPL last year through a private placement of 48,163,828 ordinary shares.
The consortium is thereupon holding 66.67% of the issued ordinary shares of the company after the share issue. The Private placement resulted in ERI being issued 42,163,000 shares amounting to 58.36% of the issued ordinary shares of DPL after the issue and CLPL being issued 6,000,828 ordinary shares amounting to 8.31% of the ordinary shares of the company.
Funds from the private placement were received by 02 September 2010 and LKR 250.3 million worth of funds have been utilized for the settlement of overdue bank liabilities, to pay off and settle the long outstanding suppliers to smoothen up the supplies chain, to settle overdue staff related arrears payments and to settle direct costs incurred in the private placement. The balance is being invested in short term investments. (IS)
source - www.dailymirror.lk
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