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29 October, 2013 07:13 AM Source: Lanka Business Online - LBO
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Sri Lanka's Lanka Tiles Plc said profits rose 15 percent to 183 million rupees in the September 2013 quarter from a year earlier amid another drop in export sales.

The firm reported earnings of 3.46 rupees per share in accounts filed with the Colombo Stock Exchange. For the six months to September earnings of 4.81 rupees were reported on total profits of 255 million rupees.

The firm said net revenues rose 13.4 percent to 1.23 billion rupees in the September quarter from a year earlier and cost of sales rose at a slower 10 percent to 820 million rupees, widening gross profits 18 percent to 411 million rupees.

The tile market is protected by the state with import duties allowing a virtual monopoly to develop despite high prices. More...

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