Sri Lanka Tokyo Cement profits up 160-pct


Updated Wed, 06 Nov 2013 00:00:00 GMT

Nov 06, 2013 (LBO) - Sri Lanka's Tokyo Cement Company (Lanka) Plc, said profits in the September 2013 quarter rose to 619 million rupees in the September 2013 quarter up 166 percent from a year earlier amid falling raw material prices.

The group reported earnings 1.85 rupees per share. For the six months to September the group reported earnings of 3.68 rupees per share on total profits of 1.2 billion rupees.

The group runs grinding plants with imported clinker and also packs and sells imported bulk cement.

The group said revenues were flat at 7.5 billion rupees in the September quarter but cost of sales fell 7 percent to 6.2 billion rupees from a year earlier, expanding gross profits 52 percent to 1.3 billion rupees.

Raw material prices have eased in international markets but domestic prices are sticky even downwards due to state approved prices analysts say.

Cement firms can also be hit when prices rise as the state tries to control prices.