Alumex, the aluminium extrusions subsidiary of Sri Lanka’s Hayleys group, reported in its interim financial results that it lost 63.4 million rupees in the December 2018 quarter compared with a net profit of 102 million in the same period last year. However, sales rose 17 per cent to 1.3 billion rupees in the period.
In August 2018, Hayleys PLC CEO Mohan Pandithage had said that the quick growth of the country’s construction sector resulting in significant demand for aluminium extrusion enhanced the sales and sales revenue of Alumex.
The interim results also showed that costs grew faster than net profit during the December quarter, with net finance costs soaring to 147 billion rupees instead of 29 million in the contemporary period last year.
December quarter’s loss per share was 21 cents. In early trade on Tuesday, February 5, Alumex shares were traded at 13.10 rupees, down 30 cents or two per cent.
In the nine months to December 2018, the firm, which has a dominant market share of about 53 per cent in Sri Lanka, reported earnings per share of 10 cents with net profit down 87 percent to 29.3 million rupees.
During the January to March quarter 2018, Hayleys PLC Group had achieved a record breaking top-line performance over last year as revenue increased by 47 per cent YoY to 163.2 billion rupees.
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