COLOMBO (EconomyNext) – Sri Lanka’s Horana Plantations plc said March 2015 quarter net profit was 34 million rupees compared with a loss of five million rupees the year before.
Earnings per share for the quarter were 1.24 rupees while sales fell 14 percent to 527 million rupees as tea and rubber prices were lower, according to a stock exchange filing.
The interim results for the quarter showed other operating income more than doubled to 61 million rupees while cost of sales fell and administrative costs were maintained almost at the previous year’s level.
In the financial year ending March 2015, EPS fell by more than half to 2.48 rupees.
Horana Plantations’ annual net profit rose eight percent to 76.7 million rupees from a year ago while sales fell 4.6 percent to 2.16 billion rupees.
Gross profit from tea rose marginally to 69 million but rubber suffered a loss of 82 million rupees compared with a profit of 71 million the year before
A note to the accounts said the firm’s parent, Vallibel One, was liable to the 25 percent Super Gain Tax (SGT) of profits of over two billion rupees introduced in the government’s interim budget in February 2015.
SGT is to be paid in three installments commencing from 15th May 2015.
“The probable impact of SGT on the company is estimated at approximately four million rupees.”