Business Times

DCSL annual profit down 30%, quarterly profit down 49%

The Distilleries Company of Sri Lanka (DCSL) reported a 30% decline in consolidated net profits for the year ended 31 March 2010 over the previous year with the beverages and plantation sectors improving turnover while the telecommunications and diversified sectors showing declines.

According to DCSL’s interim financial report released this week, net profits slid to Rs.2.3 billion in 2010 from Rs.3.4 billion for the 2009 financial year. The segmental information provided in the report shows that turnover from beverages in 2010 increased to Rs.32 billion as against Rs.30 billion the previous year while pre-tax profits increased marginally to Rs.4.26 billion from Rs.4.22 billion. The plantation management sector also increased turnover to Rs.2.5 billion for the year under review from Rs.2.1 billion last year. Pre-tax profits for the sector increased to Rs.98 million from Rs.93 million.

However, the telecommunications sector showed a decline in turnover for the 2010 financial year to Rs.5.1 billion to Rs.6.5 billion. The sector also recorded pre-tax losses of Rs.556 million compared to a pre-tax profit of Rs.76 million last year. Turnover for the diversified sector also declined to Rs.1 billion from Rs.1.6 billion in 2009 with pre-tax losses amounting to Rs.39 million from pre-tax profits of Rs.281 million.

Despite a 26% increase in consolidated gross turnover to Rs.40.9 billion for the 2010 year, net turnover decreased by 7.25% to Rs.20 billion while gross profit declined by 9.91% to Rs.8.7 billion. The consolidated financial statements also show that profit from operations declined by 15.34% to Rs.4.05 billion. DCSL’s consolidated financial statements also show a 49% decrease in net profit for the quarter ended 31 March 2010 to Rs.318 million. Gross turnover declined by 17.93% for the quarter to Rs.10.9 billion compared to the corresponding quarter in 2009. Net turnover declined by 29% to Rs.5.5 billion while profit from operations slid by 58% to Rs.765 million.

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