Lanka Wall Tile records growth in 3rd quarter

Lanka Walltiles PLC recorded a nett profit of Rs.227 million for the third quarter ended December 31, 2010, which is an increase of 44 percent compared with the same period of the previous year.

The biggest contributors to the bottom line has been its Tiles and associated items with plantations and packing materials contributing as much as Rs 6,444,339 million to group revenue which is a 13.7% increase from the corresponding period last year.

Group profits after tax for the quarter was at Rs. 410,258 million rupees, up by 68% over the last corresponding quarter.

For nine months ending December 31, 2010. Lanka Wall Tiles PLC recorded Rs 565 million rupees profit after tax which is an increase of 29.8% from the previous year.

Lanka Walltile Company also has implemented a Voluntary Retirement Scheme (VRS) spending a staggering Rs 216 million rupees for the quarter. According to the financial statement out of 467 employees of the Balangoda factory 447 people have accepted the VRS. The operations at Balangoda factory have been discontinued since September 2010. The interim reports further noted that the company's subsidiary Parquet (Ceylon) PLC has ceased its timber related manufacturing operations and will sell its machinery. The expected loss from this closure would be Rs 16 million.

Major shareholders of the company include Dr. T. Senthilveri, Bank of Ceylon and Ceylon Theatres group.
Lanka Walltile PLC was incorporated in 1975 as an export oriented joint venture with Japanese collaboration commencing commercial production in May 1977

source - www.dailymirror.lk