Ceylon Cold Stores PLC profits improved by a drastic 315 percent year-on-year (YoY) to Rs.259.4 boosted by strong operating profits during the quarter ended December 31, 2013. The turnover increased by 8 percent YoY to Rs.6.30 billion while the cost of sales increased by a modest 6 percent YoY to Rs.5.48 billion, leading in turn to a gross profit of Rs.826.1 million, an increase of 24 percent YoY. The other operating income grew by 35 percent YoY to Rs.170.3 million, while the net finance costs eased 25 percent YoY to Rs.21.2 million during the quarter, contributing to an operating profit of Rs.352.4 million, reflecting an increase of 133 percent YoY.

The earnings per share stood at Rs.2.73, improving over a previous Rs.0.66 per share.

Profits over the nine months to December 31, 2013 increased by 16 percent YoY to Rs.572.9 million while the turnover increased by 5 percent YoY to Rs.17.7 billion.

The group posted a gross profit of Rs.2.26 billion, down by 1 percent YoY, while the other operating income increased by 32 percent YoY to Rs.436.2 million.

The operating profits over the nine months under review remained at a flat Rs.847.7 million while the net finance costs expanded 9 percent YoY to Rs.69.5 million.

The earnings per share over the nine months stood at Rs.6.03, as compared with Rs.5.19 per share in the previous year.

John Keells Holdings PLC maintains the majority 70.6 percent stake in Ceylon Cold Stores, followed by Whittal Boustead Ltd with 10.7 percent and GF Capital Global Limited with 2.1 percent.

Meanwhile, the Employees’ Provident Fund holds a 1.3 percent stake in the company. (CF)