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Sri Lanka’s Namunukula Plantations December net up 170-pct

ECONOMYNEXT – December 2016 quarter net profit of Sri Lanka’s Namunukula Plantations shot up 170% to Rs90 million from a year ago as palm oil prices remained high on production shortfalls.

Sales rose 41% to Rs629 million over the period, according to interim results filed with the stock exchange.

Quarterly earnings per share were Rs3.78. The share last traded at Rs86.90.

In the nine months to 31 December 2016, EPS was Rs13.85 with net profit up 231% to Rs329 million while sales rose 33% to Rs1.89 billion from the year before.

Namunukula Plantations, part of the Richard Pieris & Company group, has a diversified crop base and cultivates tea, rubber, oil palm, coconut and cinnamon.

Namunukula Plantations’ losses from the tea business narrowed to Rs73 million from Rs161 million while losses from rubber grew to Rs53 million from Rs34 million.

The firm’s oil palm profits rose 73% to Rs508 million while coconut generated a small profit and cinnamon cultivation a loss, according to the accounts.

Namunukula Plantations has a stake in the AEN Palm Oil Processing (Pvt.) Ltd. joint venture with Agalawatta Plantations and Elpitiya Plantations.
(COLOMBO, Feb 18, 2017)

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