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Palm oil propels Sri Lanka Watawala Sept profit to Rs309mn

ECONOMYNEXT – Watawala Plantations PLC more than doubled net profit in the September 2016 quarter to Rs309 million from a year ago largely owing to gains from its palm oil business.

Losses in the tea growing business increased while the group’s new dairy business made a modest profit.

According to interim results filed with the stock exchange, group sales rose five percent to Rs1.6 billion in the quarter.

Earnings per share for the quarter were Rs1.31. EPS for the six months ending 30 September 2016 were Rs2.31 with sales up two percent to Rs3.3 billion.

The accounts showed palm oil profits more than doubled in the September quarter while the tea business continued to make losses and dairy yielded a small profit.

“Our company continues to enhance the quality of its teas in order to gain a price advantage, while continuing to increase the palm oil yield,” Watawala Plantations Managing Director Vish Govindasamy told shareholders in a note accompanying the accounts.
(COLOMBO, October 25, 2016)

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