Sri Lanka’s Kelani Valley December quarter net down 78-pct
EconomyNext – Sri Lanka’s Kelani Valley Plantations’ December 2014 quarter net profit fell 78 percent to 43 million rupees from a year ago as unseasonal rain reduced tea and rubber cultivation and prices for both commodities fell.
The company, a unit of the Hayleys conglomerate, said in a stock exchange filing that earnings per share were 1.25 rupees for the quarter while sales were virtually stagnant at 1.7 billion rupees.
EPS for the twelve months ended 31 December 2014 were 1.47 rupees with net profit down 87 percent to 50 million rupees although sales went up three percent to almost seven billion rupees, the interim financial statements showed.
Revenue from tea rose to 5.9 billion rupees in the 12-month period from 5.4 billion rupees the year before but gross profit fell to 372 million rupees from 378 rupees.
Gross profit from rubber fell to 181 million rupees during the period from 483 million rupees previously with sales falling to just over a billion rupees from 1.4 billion rupees.
Kelani Valley said the current financial period will be for 15 months as the company changed its financial year from December to March and the next financial year end will be 31 March 2015.