Sri Lanka's Tokyo Cement sees 660% increase in profit

Byzhangli

Updated Fri, 23 Aug 2013 00:00:00 GMT

Sri Lanka: Tokyo Cement's profit rose by 660% to US$4.6m in the quarter ending 30 June 2013 compared to the same period of 2012. The company said that this was due to lower raw material costs.

Tokyo Cement said that its revenue rose by 4% to US$50.8m and that direct costs fell by 5% to US$47.1m. This allowed its gross profit to increase by 87% to US$9.5m. Unspecified other income also rose by 87% to US$1.2m.

Tokyo Cement, which imports clinker for grinding, was hit badly in 2012 as its raw material costs rose and the government, which controls cement prices on the island, delayed a price increase. Now, with higher sales prices and an easing of international commodity and energy prices, clinker prices have fallen. The Sri Lankan Rupee was also more stable in the June 2013 quarter than in the 2012 quarter.