Feb 03, 2010 (LBO) - Sri Lankan floor tile manufacturer Lanka Tiles’ December quarter net profit shot up 71 percent to 108 million rupees from a year ago, interim results showed.
Sales rose 20 percent to 875 million rupees in the period as the construction sector recovered from a slowdown caused by the effects of global recession.
Sales had fallen in previous quarters with the slump in the local construction sector owing to the economic slowdown.
Demand for tiles from home builders had fallen last year while construction work on many up-market, high-rise apartment projects also stopped.
The company, part of the Ceylon Theatres group, said in a stock exchange filing that local sales rose 16 percent to 806 million rupees in the December quarter from a year ago.
Floor tile exports, which are much smaller than local sales, doubled to 70 million rupees in the period.
Earnings per share for the December quarter were 2.54 rupees compared with 1.49 rupees the year before.
source - www.lbo.lk
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