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» In the Meantime, Within Our Shores !
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» Thread for News on CSE and SL Economy
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» Obituary Notice.
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»  6000 Post Club , Celebration of a Great Milestone, Slstock
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» LIOC.N0000 (Lanka IOC PLC)
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» How to get Access to: 104 Technical trading experiments by HUNTER
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» Sri Lanka to monetize tens of billions of contractor bills
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» 104 Technical trading experiments by HUNTER
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» Stocks - Banks Drag Wall Street Lower After Fed Buyback Ban; Dow Down 290
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» Sri Lanka bank bad loans in March 2020 pick up to 5.1-pct
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» The Central Bank of Sri Lanka Further Reduces the Statutory Reserve Ratio
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» Sri Lanka chicken supplies to tighten after Covid-19 crisis, maize import controls
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» S&P SL20 සමාගම් ලැයිස්තුවේ වෙනසක්.
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» SAMP.N0000 (Sampath Bank PLC)
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» HAYC - Haycarb
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» විශාලම ලැයිස්තුගත සමාගම් 50 විනිවිදභාවය පිළිබඳ වාර්තාවක් එළිදැක්වෙයි
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» HAYL.N0000 Hayleys PLC
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» GLAS.N0000 (Piramal Glass Ceylon PLC)
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» Sri Lanka telecom regulator asked find businesses to use Lotus Tower
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» Gota's Era
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» Fitch Revises Ratings on 11 Sri Lankan Financial
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» Carlton Sports Network to resume broadcasts soon – Rohan Welivita
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» සල්ලි අච්චු ගැසුවාද?
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» වටිනා පාඩමක්!
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» Sri Lanka’s General Election on August 05
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» Hayleys MGT
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» AEL Access Engineering
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» Sri Lanka import controls, cargo bottleneck hit apparel exporters
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» Sri Lanka tea prices ease lower, low growns drive May average to all time high
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» Sri Lanka plans to allow tourists from August, no mandatory quarantine
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» Sri Lanka makes trillion rupee mini-budget till August under Presidential powers
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» HHL.N0000 ( Hemas Holdings PLC)
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Post by The Invisible on Sat Aug 10, 2019 10:28 am

Nestlé unit June profits fall amid weaker sales

ECONOMYNEXT – Net profits at food and beverage multinational Nestlé Lanka Plc, fell 48.9 percent from a year earlier to 375.8 million rupees in the June quarter, amid a slowdown in revenue, the firm said in its interim financial report.

Earnings per share for the June quarter was 6.99 rupees. The firm's share closed trading on Thursday at 1,340 rupees, 10 cents higher. Earnings per share for the six months to June were 17.66 rupees.

Revenue fell 6.5 per cent from a year earlier to 8.4 billion rupees in the June quarter from a year earlier and cost of sales contracted 2.4 percent to 5.7 billion rupees, leading to gross profits declining 13.9 percent to 2.8 billion rupees.

Sri Lanka's consumer sentiment soured in the June quarter amid the Easter Sunday attacks, following a constitutional crisis in the December quarter. Most firms selling fast moving consumer goods are reporting lower profitability in the June quarter.

Nestlé's finance costs grew 28.8 percent to 90 million rupees due to borrowings for capital expenditure and the firm stopping the capitalization of borrowing costs after it finished building a new coconut milk processing plant.

Long-term borrowings remained flat at 2 billion rupees as at end June from the start of the financial year in January, while short-term borrowings grew to 2.2 billion rupees from 1.5 billion rupees. (Colombo/Aug09/2019)
The Invisible
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