SLT in red
Profits at Sri Lanka Telecom, fell 38 per cent to Rs.1.09 billion in the June 2016 quarter with fixed access revenues flat, interim accounts showed.
The group reported earnings of 61 cents per share for the quarter. During the six months to June, the group reported earnings of Rs.56 per share, on total profits of Rs.2.9 billion, which was down 13 per-cent.

Revenue from fixed line operator in the June quarter rose 4.8 per cent to Rs. 10.506 billion from a year earlier, but were down 2.3 per cent from Rs.10.8 billion reported in the March quarter.

Laugfs Gas hit hard
Sri Lanka’s Laugfs Gas PLC said June 2016 net profit fell 92 per-cent to Rs26 million from a year ago as finances rose sharply owing to borrowings to diversify business in the island and overseas.

Sales rose 45 per cent to Rs3.9 billion during the period, according to interim accounts filed with the stock exchange.

CT group steady
Sri Lanka’s CT Holdings group (CTH) said net profit rose 45% to Rs 537 million rupees in the June 2016 quarter from a year ago with strong growth in the retail and fast moving consumer goods (FMCG) sectors.

Sales rose 22% to Rs21 billion during the period, according to interim accounts filed with the stock exchange.

Brewing loss
Sri Lanka’s Ceylon Beverage holdings, brewer for Lion and Carlsberg in Sri Lanka, lost Rs501 million in the June quarter as the floods disrupted production, interim accounts filed with the Colombo Stock Exchange showed.

Revenues fell 36 per cent to Rs5.93 billion in the June 2016 quarter from a year earlier.

Dockyard recovers
Colombo Dockyard said it made a net profit of Rs55 million in the June 2016 quarter as it recovered from losses caused by the cancellation of contracts owing to the oil price slump.
The yard, majority owned by Japan’s Onomichi Dockyard, had suffered a loss of Rs77 million in the March 2016 quarter after it was forced to cancel a new building order and lower prices for new ships ordered by clients serving the oil industry.

Colombo Dockyard had made a profit of Rs182 million in the June 2015 quarter.

BoC net up
Profits at state-run Bank of Ceylon, the country’s largest lender by assets, grew 35.5 per cent from a year earlier to Rs4.9 billion helped by loss provisions reversals, but net interest income fell amid rising rates.

Group interest income rose 14.1 per cent to Rs33.4 billion in the quarter and interest expenses rose at a faster 24.9 per cent to Rs16.4 billion, slowing net interest expense grew only 0.2 per cent to Rs12.89 billion.

TFC suffers
The Finance Company Ltd, a troubled non-bank lender of the former Ceylinco Group, lost Rs333 million in the June 2016 quarter, down from Rs373 million a year earlier.
The publicly traded company reported earnings of Rs2.08 per share.

The lender said interest income grew 1 per cent to Rs967 million, interest income grew 12 per cent Rs884 million, interest expenses fell 3 percent to Rs873 million and interest income was a positive Rs11.2 million, compared to a loss of Rs57 million last year.

Spence down
Aitken Spence Group said June 2016 quarter net profit fell 69 per cent to Rs249 million from a year ago, with its key tourism business hit by higher costs and lower returns.
Sales rose 31 per cent to Rs7.5 billion over the period, according to interim results filed with the stock exchange.

Earnings per share fell to 61 cents from Rs1.04.

The group’s tourism business made a loss, while the maritime and logistics business almost tripled profits.