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» LIOC.N0000 (Lanka IOC PLC)
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» In the Meantime, Within Our Shores !
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» Obituary Notice.
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» Happy Birthday
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» Hayleys MGT
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» VAT අදාළ නැති කට්ටිය මෙන්න. 50,000 ක ලැයිස්තුවක්
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» How to get Access to: 104 Technical trading experiments by HUNTER
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» ලංකාවේ ලොකුම සමාගම මෙන්න. දුම්කොළ සමාගම අභිබවමින් ජෝන් කීල්ස් යළිත් පෙරමුණට
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» Sri Lanka’s LOLC Prepares to Sell Its Biggest Overseas Unit
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» Sri Lanka’s Cargills, Sampath, DFCC Bank says met lending rate ceilings
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» Dividend Announcement
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» Sri Lanka bank bad loans spike to 4.9-pct, non-banks 9.7-pct in Sept
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» People’s Bank, Sampath, and DFCC face penalties
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» NDB.N0000 (National Development Bank PLC)
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» COMB.N0000 (Commercial Bank of Ceylon PLC)
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» Thought for the day...
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» ඩොක්ටර් ඒලියන්ත වයිට්
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» Why (Happy) People Cheat?
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» Who killed Cock Robin?
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» 65 Ways to Make Money Online
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» ACL Cables
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» Sri Lanka to up employer EPF contribution to 15-pct, start social security fund
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» Sri Lanka can resume high growth path, cut more taxes: Mark Mobius
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» රතු වැටෙනකොට
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» Sri Lanka interest rates should go down, currency will not fall: Mark Mobius
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» Equation of Happiness Solved
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Post by The Invisible on Sat Aug 10, 2019 10:28 am

Nestlé unit June profits fall amid weaker sales

ECONOMYNEXT – Net profits at food and beverage multinational Nestlé Lanka Plc, fell 48.9 percent from a year earlier to 375.8 million rupees in the June quarter, amid a slowdown in revenue, the firm said in its interim financial report.

Earnings per share for the June quarter was 6.99 rupees. The firm's share closed trading on Thursday at 1,340 rupees, 10 cents higher. Earnings per share for the six months to June were 17.66 rupees.

Revenue fell 6.5 per cent from a year earlier to 8.4 billion rupees in the June quarter from a year earlier and cost of sales contracted 2.4 percent to 5.7 billion rupees, leading to gross profits declining 13.9 percent to 2.8 billion rupees.

Sri Lanka's consumer sentiment soured in the June quarter amid the Easter Sunday attacks, following a constitutional crisis in the December quarter. Most firms selling fast moving consumer goods are reporting lower profitability in the June quarter.

Nestlé's finance costs grew 28.8 percent to 90 million rupees due to borrowings for capital expenditure and the firm stopping the capitalization of borrowing costs after it finished building a new coconut milk processing plant.

Long-term borrowings remained flat at 2 billion rupees as at end June from the start of the financial year in January, while short-term borrowings grew to 2.2 billion rupees from 1.5 billion rupees. (Colombo/Aug09/2019)
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