Wednesday, August 24, 2011

Sri Lanka CT Holdings net up 166-pct

Aug 24, 2011 (LBO) - Sri Lanka's CT Holdings, which has interests in supermarkets, manufacturing and foods said profits in the June 2011 quarter rose 166 percent to 244 million rupees.

The firm reported earnings of 1.33 rupees per share. The company had raise 2.6 billion rupees from a share placement and spent 1.3 billion rupees on capital expenditure.

CT Holdings said revenues rose 12 percent to 13.5 billion rupees and gross profit rose 16 percent to 1.6 billion rupees.

Other income rose 73 percent to 296 million rupees, boosting profits.

The group which owns the 'Cargills Food City' retail chain said wholesale and retail trade brought 144 million rupees in profits (up from 111.5 million) and. ceramic tiles 57.6 million rupees (up from a loss of 103.2 million),

Food processing brought 26.5 million, down from 98.5 million and restaurants 27 million rupees up from 20.1 million.

The group lost 14.1 million rupees on its real estate business (down from a loss of 38 million) and plantations also lost 1.9 million rupees.

In an earlier report, CT Holdings unit Cargills said its profits rose 14 percent to 325 million rupees. It reported earnings of 1.46 for the quarter.

The retail chain said it now had 164 stores including 4 in the former war zones in the north. It had invested 250 million rupees to expand the chain.

Cargills said its ice cream brands Magic, Kotamale have the largest share in the dairy ice cream category. Its brand volumes, including newly acquired ones had grown 20 percent in volume, Cargills managing director Abdul Wahid said.

Cargills bought Kotmale dairies, a biscuit firm and a brewery.

source -

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