Sri Lanka Namunukula Plantations September quarter profit down 46-pct
COLOMBO, Nov 12, 2014 (EconomyNext) – Namunukula Plantations said net profit fell 46 percent to 60 million rupees in the September 2014 quarter from a year ago with the bottom line propped up by oil palm earnings.
The firm, part of Sri Lanka’s Richard Pieris group, reported earnings per share for the quarter fell to 2.54 rupees from 4.69 rupees the previous year while sales fell 26 percent to 458 million rupees, according to unaudited results filed with the Colombo stock exchange.
Provision for doubtful receivables shot up 62 percent to 50 million rupees.
For the six months to September 2014, the firm’s EPS fell to 4.59 rupees from 6.67 rupees the year before with sales down 21 percent to 826 million rupees.
A firm with a diversified crop mix, Namunukula Plantations said tea and rubber made losses while sales in these businesses fell.
Gross profit from oil palm at 198 million rupees was marginally higher than last year in the six months to September 2014.
Oil palm accounts for more than a quarter of Namunukula Plantations sales.