Lanka Walltiles to expand into other businesses
The Lanka Walltiles PLC (LWL), manufacturer and exporter of wall tiles has plans for expand into other businesses, officials said. ”We want to add another production line and expand into related businesses,” an official told the Business Times.
LWL group bottomline more than doubled to 119 per cent year on year (YoY) in Q3 FY 16 to Rs. 829 million, but this was owing to the Rs. 100 million as the deferred taxation in expectation of corporate tax reduction in the budget. The official said that since this didn’t happen, the Rs. 100 million will be reversed in the 4Q. The tile and associated item segment which was up by 107 per cent YoY pushed this growth.
The aluminum and packaging products played a prominent role in boosting the profit before tax in the 3Q growing 66 per cent and 118 per cent to Rs. 102 million and Rs. 69 million respectively. According to the official, there’s a buoyant demand for construction that would assist LWL’s bottomlines to continue to be stable. He also said that they want to sustain the exports and there’s a strategy to expand LWL’s exports to Queensland, Australia as there’s a boom in the housing market there.