Sri Lanka Kelani Valley Plantations March net doubles to Rs277mn

ECONOMYNEXT – Sri Lanka’s Kelani Valley Plantations said net profit for the March 2017 quarter more than doubled to 277 million rupees from a year ago as tea prices and production recovered.

Group sales of the firm, part of Hayleys conglomerate, rose 44 percent to 2.1 billion rupees from the year before, according to interim accounts filed with the stock exchange. Earnings per share for the quarter were 8.15 rupees.

But, the firm reported a loss per share of 55 cents for the financial year ending March 2017, down from a loss of 82 cents the previous year, with sales up 13 percent to 6.9 billion rupees.

The accounts showed higher sales and gross profits in tea and rubber at the firm from a prolonged drought and the commodities slump.
(COLOMBO, May 17, 2017)

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