CIC quarterly profit rises 20% as tax charge falls

Daily Mirror reports that CIC Holdings PLC’s profit attributable to shareholders rose 20.3%, with a lower tax charge lifting the result despite pressure on margins and a decline in operating profit. EconomyNext reports net profit of Rs. 1.66 billion for the quarter ended September 30, compared with Rs. 1.38 billion in the same period a year earlier. It also reports basic earnings per share increased to Rs. 0.87 from Rs. 0.73.

EconomyNext reports quarterly revenue grew 3.4% to Rs. 20.89 billion, supported by growth in industrial solutions, livestock and healthcare, which offset relatively softer demand for agricultural inputs. Cost of sales rose 5.3% to Rs. 15.20 billion, and gross profit edged down 1.2% to Rs. 5.68 billion.

EconomyNext says results from operating activities declined 7.3% to Rs. 2.66 billion from Rs. 2.87 billion, amid higher operating expenses. It reports selling expenses rose 6.8% to Rs. 2.15 billion, general and administrative expenses increased 5.8% to Rs. 1.07 billion, and other operating income fell 29.6% to Rs. 117.40 million. An Rs. 85.83 million reversal of impairment on trade receivables also supported operating results, compared with a provision of Rs. 23.38 million a year earlier.

EconomyNext reports net finance costs increased 35.4% to Rs. 712.25 million, as finance expenses rose 30.8% to Rs. 771.46 million. It attributes the higher finance expenses mainly to interest on borrowing used to fund increased working-capital and inventory needs. The outlet also reports profit from equity-accounted investees rose to Rs. 590.50 million from Rs. 257.87 million, driven by increased profits at John Keells Holdings PLC.

Written automatically by AI from the outlets’ own reports, and not reviewed by an editor. It can be wrong — the original report is the authority.