Sri Lankaâ€™s LVL Energy Sept quarter net profit up 25-pct
ECONOMYNEXT – Sri Lanka’s LVL Energy Fund, which operates hydro, wind and thermal power plants, said net profit rose 25 percent to 223 million rupees in the September 2018 quarter from a year ago.
Sales rose 9.4 percent to 139 million rupees over the same period, according to interim accounts filed with the stock exchange.
Earnings per share for the quarter were 38 cents. LVL Energy Fund’s share last traded unchanged Monday at 8.10 rupees.
EPS for the six months to September 2018 was 75 cents with net profit up 37 percent to 435 million rupees.
A statement said LVL Energy Fund’s six-month profit exceeds profit of 439 million rupees for the entire financial year ended 31st March 2018.
“The company’s hydro power plants performed strongly under favourable weather conditions during the period compared to the corresponding period last year,” it said.
“Power generation of wind power plants during the period was less than in the previous year due to less favourable weather conditions. “
Its thermal power plants in Bangladesh also recorded better performance during the period compared to the previous year.
The share of profit from 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.
LVL Energy Fund is a subsidiary of Lanka Ventures PLC. It 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.