Sri Lanka's Kelani reports lower Q1 profits on higher sales

ERJ staff report (DS)

Colombo, Sri Lanka -- Kelani Tyres PLC has reported lower profits and higher revenues on roughly level sales volumes for the three months to 30 June 2011. The results are the unaudited results lodged with the Sri Lank Stock Exchange.

The company produced tyres weighing 3.54 million tonnes in the three months, slightly up on the 3.44 million tonnes a year earlier. However, the company increased its stocks, selling just 3.41 million tonnes, down from the 3.56 million tonnes in the same period of 2010.

Net sales reached SLRs1029 million (euro 6.57 million) up by 15 percent on the figure of SLRs 895 million a year earlier. Operating profits fell to SLRs 63.7 million from SLRs 97.2 million. Net profit fell to SLRs 18.9 million from SLRs 65.7 million.

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Stock Exchange announcement from Kelani