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| Sunday, 2 October 2005 |
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Business |  |
| News Business Features Editorial
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Lanka Walltile Group revenue hits Rs. 4.2 b in 2004/05 The Lanka Walltile Group revenue recorded an all-time high of Rs. 4.2 billion for the financial year 2004/05 which was a 20% increase over the previous year. The pre tax profit registered a 62.45% increase over the previous year at Rs. 476 million against Rs. 293 million the previous year. After tax profit was Rs. 203 million against Rs. 149 million last year, a 36% increase. The company's turnover and profit after tax dropped slightly from Rs. 718 million the previous year to Rs. 701 million for the current year and the after tax profit from Rs. 61.36 million to Rs. 52.01 million. Company Chairman Anthony A Page in his review of the company's performance said that 'Profits would have been higher were it not for a labour dispute and the resulting work stoppage at the Balangoda Factory.' The Group performance was boosted by a 17.9% improved contribution from Lanka Tiles Limited, the Horana Plantations profit after tax and after minority interest of Rs. 93 million and a Rs. 67.89 million profit after tax increase by Lanka Walltile Meepe (Pvt) Limited. Managing Director Lucky de Chickera in his review expresses serious concern for the industry due to galloping energy cost which now stands at an estimated 38% of production cost. Gas, Diesel, Industrial Kerosene and electricity costs have all increased to dizzy heights and have impacted on raw material and transport costs which have in turn further increased overheads. He also said that policies on mining for minerals have had a serious impact on supplies of Ball Clay and Silica Sand. Mining of Calcite and Kaolin are also being adversely affected. Another serious issue he claims is the importing of poor quality cheap tiles which is entering the market to the detriment of the customer and the country. |
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