Thursday Nov 14, 2024
Thursday Nov 14, 2024
Friday, 12 February 2021 00:22 - - {{hitsCtrl.values.hits}}
Lanka Walltiles PLC’s consolidated profit for the third quarter and first nine months of FY20/21 have increased fourfold on top of health revenue growth.
At Company level, the bottom line had seen exponential growth as per interim results released yesterday.
Consolidated after-tax profit for the nine months was Rs. 1.89 billion, up by 468% from a year earlier. For the third quarter it rose to Rs. 1.38 billion from Rs. 339 million in the corresponding period for FY20.
Net profit attributable to equity holders of the parent was up 340% to Rs. 1.8 billion for nine months and Rs. 1 billion for 3Q from Rs. 267.5 million a year earlier.
Group revenue grew by 32% to Rs. 20.2 billion for nine months and nearly doubled to Rs. 9 billion in 3Q. Group interests include tiles (Lanka Tiles PLC) and associated item, plantation products, packaging material and aluminium products.
Though distribution and administrative costs have risen, LWL enjoyed considerable reduction in finance cost in 3Q and first nine months.
Tiles and associated items segment saw revenue up 54% to Rs. 13. 3 billion with pre-tax profit up 159% to Rs. 2.07 billion.
At Company level, revenue grew by 51.4% to Rs. 4.06 billion in the first nine months and to Rs 1.97 billion in 3Q from Rs. 1 billion a year earlier. Pre-tax profit soared by 3,080% to Rs. 729.7 million for nine months from Rs. 23 million a year ago, whilst for the quarter it jumped to Rs. 626 million from Rs. 75 million. Nine-month after-tax profit was Rs. 623 million as against Rs. 15.5 million a year earlier and for the 3Q it grew from Rs. 53 million to Rs. 549.4 million.
