Tokyo Cement quarterly net profit up 43 per cent, Sri Lanka

Sri Lanka’s Tokyo Cement said net profits for the December quarter rose 43 per cent to LKR275m (US$2.3m) from a year earlier with revenues up 39 per cent to SLR5.7bn.

The company’s revenues grew 38% to LKR5.7bn cost of sales rose at a faster 44% but the firm grew gross profits at a slower 17%.

Tokyo Cement is a joint venture between Nippon Coke and Engineering (formerly Mitsui Mining) and the local St Anthony’s Industries, selling the Mitsui brand.  It operates a 1.8Mta grinding capacity consisting of two lines at Trincomalee port, one recently upgraded to 1.2Mta and the other operated by its Fuji Cement subsidiary. The company has a 30 per cent domestic market share.