Sri Lanka: Tokyo Cement plc, which operates grinding plants and bulk cement terminals in Sri Lanka, lost US$3.78m in the three months to 30 June 2018 due to falling revenues, as well as a one-off loss of US$2.37m on the sale of a ship. The group had reported a profit of US$5.04m in the same period of 2017.
In the three months to 30 June 2018 Tokyo Cement’s gross profit fell by 27% year-on-year to US$9.36m, with revenues falling by 4% to US$48m and costs rising by 4% to US$39m.
Tokyo reported to its shareholders that delayed local government polls had halted small projects country-wide, leading to a slowdown in the construction sector.
