Aug 15, 2011 (LBO) - Sri Lanka's listed Kelani Tyres, which has a joint venture tyre business with India's CEAT, said profits for the June 2011 quarter fell 71 percent to 18.9 million rupees from a year earlier.
The firm reported earnings of 24 cents per share for the quarter, in provisional accounts filed with Colombo Stock Exchange.
The firm said revenues rose 14.8 percent in the June quarter to 1.0 billion rupees but cost of sales rose 23 percent to 860 million rupees.
Raw rubber prices have been booming in global and Sri Lanka markets over the past year.
Kelani Tyres said it produced 3,537 metric tonnes of tyres in the June 2011 quarter up from 3,437 a year earlier.
Sales in the quarter fell to 3,414 metric tonnes from 3,562 a year earlier.
source - www.lbo.lk
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