Friday, November 30, 2012

Sri Lanka's Vallibel net down 21-pct in first half

Nov 30, 2012 (LBO) - Sri Lanka's Vallibel One Plc, which has interests in ceramics, finance and leisure said profits fell 21 percent to 796 million rupees in the six months to September 2012 from a year earlier amid lower profits from tiles and higher finance costs.

 The firm reported 74 cents in profits per share for the half year.

Revenues grew 42 percent to 15.2 billion rupees, cost of sales grew at a faster 53 percent to 10.7 billion rupees and gross profits grew 22 percent to 4.4 billion rupees.

Finance costs grew 154 percent to 596 million rupees.

Profits at its tile business, manufactured by subsidiary Royal Ceramics in which Vallibel One has a 51 percent stake, had fallen to 413 million rupees from 794 million rupees.

Profits from sanitary ware profits rose to 110 million rupees from 63 million rupees a year earlier.

Paints lost 13.5 million rupees, from a profit of 7.5 million rupees a year earlier. Profits from financial units rose to 941 million rupees from 841 million.

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