Lanka Tiles records Rs. 163.7 m profit

Lanka Tiles Limited (LTL) recorded a 17.9 percent increase in profits after taxation, Chairman Antony A. Page said in their annual report.

"Performance during the year ending March 31, 2005 was very satisfactory," Page in the report said. The Group gross revenue increased to Rs. 1,447.3 million, an increase of 22.2%, whilst gross profit increased by 16.6% to Rs. 397.5 million.

The lower gross profit was due to rising energy costs and production bottlenecks. Rising energy prices will continue to pressure margins, although production hold-ups have now been rectified.

The Company posted a net profit after taxation of Rs. 163.7 million, a growth of 17.9% over the Rs. 138.8 million made in the previous year.

Lanka Walltile is the first floor-tile production company in Sri Lanka.