Beverages ...

The group asset base as at June 30, 2017 increased to Rs. 117.36 billion from Rs. 112.25 billion at the start of the financial year, mainly through long-term financial investments, sourced mainly through equity reserves.

During the same 3-month period, short-term borrowings remained fairly static at Rs. 3.25 billion, while long-term borrowings fell to Rs. 3.61 billion from Rs. 3.87 billion. Net assets per share increased to Rs. 62.04 from Rs. 58.42.

In Melstacorp’s operating segments, the beverage operations, which includes Distilleries PLC, turned in gross revenue of Rs. 23.18 billion, down 1.22 percent YOY, while profit before tax fell 54.05 percent YOY to Rs. 1.27 billion.

The telecommunications segment gross revenue fell 8.91 percent YOY to Rs. 705.18 million, while losses before tax worsened 41.95 percent YOY to Rs. 359.59 million. Both the telecommunication and beverages sectors were subjected to higher indirect taxation late last year.

Financial services gross revenue increased 29.76 percent YOY to Rs. 851.88 million, while profits before tax increased 69.10 percent YOY to Rs.124.69 million.

Plantation gross revenue increased 36.50 percent YOY to Rs. 815.92 million while profits before tax increased to Rs.25.13 million from a loss of of Rs.35.28 million YOY. Gross revenue from diversified operations increased 24.58 percent YOY to Rs. 485.42 million while profits before tax increased 180 percent YOY to Rs. 406.54 million. Harry Jayawardena owns 57.13 percent of Melstacorp shares both directly and through other entities. The Yaseen family of the RIL Group, owns 14.88 percent of shares in Melstacorp.