ECONOMYNEXT - Sri Lanka’s Horana Plantations returned to profit in the September 2017 quarter with gains from tea although rubber continued to make losses albeit at a reduced level.
The firm, part of the Vallibel group, made a modest net profit of Rs7 million in the quarter compared with a loss of Rs84 million a year ago, according to interim accounts filed with the stock exchange.
Sales rose 29% to Rs537 million while costs were maintained at the same level.
Earnings per share for the September 2017 quarter were 28 cents. Horana Plantations share was trading at Rs28.50 Thursday.
EPS for the six months to 30 September 2017 were 85 cents compared with a loss of Rs5.97 the year before with sales up 36% to Rs1.2 billion.
The firm’s tea business made a profit of Rs132 million compared with a loss of Rs44 million while rubber reduced losses to Rs20 million from Rs38 million a year ago.
(COLOMBO, October 26, 2017)