Sri Lankaâ€™s Kelani Valley Plantations back in profit in June quarter
ECONOMYNEXT – Sri Lankan regional plantation company Kelani Valley Plantations returned to profit in the June 2018 quarter with net earnings of 14.4 million rupees, interim accounts filed with the stock exchange showed.
The firm, part of the Hayleys group, had made a loss of 8.6 million rupees in the same period a year ago.
June 2018 quarter sales rose two percent to 2.5 billion rupees.
Kelani Valley Plantations had earnings per share of 42 cents in the quarter. The share was last traded at 74 rupees.
The accounts showed both sales and profits from the tea business fell while rubber made a loss compared with a profit a year ago.
In the previous, March 2018 quarter Kelani Valley Plantations had made a net profit of 151 million rupees, down a sharp 45% from the previous year.
The firm also reduced its stake in Hayleys Global Beverages (Pvt) Ltd to 27% from 40% after a new share issue in May 2018.
The accounts showed it booked no loss from the unit in the June 2018 quarter compared with losses of 51 million rupees in the same quarter the previous year and 213 million rupees for the whole financial year.
(COLOMBO, 31 July, 2018)