Sri Lankaâ€™s LVL Energy December quarter net profit down 40-pct
ECONOMYNEXT – Sri Lanka’s LVL Energy Fund, which operates hydro, wind, and thermal power plants, said net profit fell 40 percent to 48 million rupees in the December 2018 quarter from a year ago.
Sales of the group, which has diversified into solar power, fell 9.5 percent to 114 million rupees over the same period, according to interim accounts filed with the stock exchange.
Earnings per share for the quarter were eight cents. LVL Energy Fund’s share last traded unchanged Tuesday at 8.00 rupees.
EPS for the nine months to December 2018 was 83 cents with net profit up 21 percent to 483 million rupees from the previous year.
A note to the accounts said LVL Energy Fund, a subsidiary of Lanka Ventures, had invested 117 million rupees on 17 January 2019 in the Makari Gad Hydro Power project in Nepal.
Tax costs shot up to 85 million rupees in the nine-month period from 26 million rupees last year.
LVL Energy Fund has power plants in Sri Lanka, Bangladesh and Nepal.
Its hydro power plants performed the same as the previous year, while its thermal power plants in Bangladesh showed a stronger performance during the period compared to last year.
“The share of profit from the Bambabarapana hydro power plant that commenced commercial operation in the last quarter of the previous financial year also contributed towards a higher group profit for the period,” the statement said.
Power generation of wind power plants during the period was less than in the previous year, mainly due to less favourable weather conditions.
LVL Energy Fund operates seven hydro power projects in Sri Lanka with a total capacity of 19.4 MW and two wind power projects with an installed capacity of 15.3 MW in Kalpitiya.
(Colombo/February 06/2019 – SB)