Distilleries profits up

Sri Lanka Distilleries June quarter profits were up by half to Rs 1.4 Billion Distilleries Company group, which includes Sri Lanka Insurance Corporation, Profits increased by 54 percent to Rs. 1.4 billion in the quarter ended June 2007.

Group revenue grew by 28 percent to Rs. 14.7 billion from Rs. 11.5 billion over the same period. At company level, Distilleries, the largest alcohol maker in the island, saw revenue growth of 8.3 percent to Rs. 7.3 billion and a 5.9 percent growth in profits to 522.6 million.

Group transport costs have doubled to Rs. 441 million from Rs. 221 million as a result of the fuel price hikes this year.

The group operating expenses increased by more than 2,000 percent, to Rs. 226.7 million from Rs. 9.8 million in the June quarter.

The Gross assets of the group grew to Rs. 76.7 billion in June 2007 from 64 billion in 2006.