Sri Lankan corporate results released so far have far exceeded market expectations, stock market analysts said.

“The market was expecting better profits to come through this year, but the firms have managed to post better results already,” analysts said.

According to the Colombo Stock Market Blog the recently listed Ceylon Tea Brokers’ (CTBL) profits have improved significantly on attractive tea prices and growth in market share (mostly top line growth).

CTBL recorded Rs 25.2 million for the year ended 31st March 2010 against the Rs 10.3 million during the same period a year earlier.

The reduction in Finance Costs has resulted in better margins on CTBL’s tea advances.

There were also some firms such as Nestles, whose performance was hit by the global recession.

Nestle has not improved during the last three months which has been the case for other fast moving consumer goods firms as well.

The lack of performance comes from the top line presumably the reason for this is a drop in volumes over the last year due to the overall recession. The profits will pick up this year with the economy doing better and also with lower inflation, analysts said.