Profits up at Kelani Tyres
Sri Lanka’s Kelani Tyres reports that despite a steep rise in costs its net profits rose 11.7 per cent year-on-year to LKR 74.9 million (£419,000) in the quarter to December 31, 2010. Revenues during the quarter increased 37.1 per cent to LKR 1.028 billion (£5.8 million) while sales volumes grew 5.2 per cent to 3,753 tonnes and production rose 10.6 per cent to 3,826 tonnes.
Sales during the nine months to December increased 17.3 per cent to 11,131 tonnes and production rose 13.6 per cent to 10,905 tonnes. Group profits were up 18.7 per cent year on year to LKR 208.7 million (£1.2 million).