Wednesday, November 14, 2012

Sri Lanka CEAT tyre JV profits up 95-pct

Nov 13, 2012 (LBO) - Profits at Sri Lanka's Kelani Tyres, which has a joint venture facility with India's CEAT rose 95 percent to 130 million rupees in the September 2012 quarter on widening margins, though volumes were flat.

 The group reported earnings of 1.62 rupees per share for the quarter.

For the six months ending September it reported earnings of 2.63 rupees per share on total profits of 211 rupees which rose from 85 million rupees a year earlier in accounts filed with the Colombo Stock Exchange.

The firm said it produced 3,837 metric tonnes of tyres in the quarter, up from 3,750 a year earlier. But sales fell slightly to 3,882 metric tonnes from 3,901 metric tonnes a year earlier.

In the budget for 2013 presented last week, Sri Lanka's rulers raised taxes on imported car and light truck tyres.

Kelani Tyres said revenues rose 14.49 percent to 1,350 million rupees, and expenses rose at a slower 4.35 percent allowing gross profit to grow 57 percent to 353 million rupees.

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