Sri Lanka Alumex Sept quarter net profit surges 146-pct to Rs118mn

EconomyNext reports that Alumex PLC, an aluminium extrusion manufacturer and Hayleys group subsidiary, recorded net profit of Rs117.72 million for the quarter ended September 30, compared with Rs47.85 million in the corresponding quarter a year earlier. Basic earnings per share rose to 20 cents from eight cents.

EconomyNext reports that quarterly revenue grew 28.1% to Rs5.02 billion. Cost of sales rose more slowly, by 20.7%, to Rs3.99 billion, lifting gross profit to Rs1.03 billion from Rs614.09 million and widening the gross margin to 20.5% from 15.7%. The company attributed the improvement to production efficiencies and stronger selling prices relative to raw material import costs.

EconomyNext reports that distribution expenses rose 28% to Rs207.34 million, in line with sales volumes and higher transport costs, while administrative expenses increased 25.7% to Rs368.22 million amid inflation and higher operational staff costs. Other operating income fell sharply to Rs2.56 million from Rs129.22 million, but the absence of other operating expenses, which were Rs27.37 million a year earlier, helped operating profit climb 74.9% to Rs456.46 million.

EconomyNext reports that net finance costs increased 56.8% to Rs303.37 million, with finance expenses up 56.1% to Rs330.72 million as Alumex drew more short-term debt to support working capital. Finance income rose 48.6% to Rs27.35 million. Profit before tax grew 126.6% to Rs153.09 million, and income tax increased 79.6% to Rs35.36 million.

EconomyNext reports that Alumex’s total assets stood at Rs19.93 billion as of September 30, with inventories rising to Rs7.25 billion from Rs4.43 billion. The report’s account of the asset figures ends there.

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.