Sri Lanka’s Sunshine Holdings Dec net up 69-pct

ECONOMYNEXT – Profits at Sri Lanka’s Sunshine Holdings Plc, which has interests in consumer goods, farming, pharmaceuticals and power rose 69 percent to 175 million rupees in the December 2015 quarter from a year earlier.

The group reported earnings of 1.30 rupees per share. In the nine months to December the group reported earnings of 3.77 rupees per share, on profits of 508 million rupees, which grew 25 percent.

The group said revenues grew 5 percent to 4.2 billion rupees, costs rose at a slower 4 percent to 3.1 billion rupees allowing gross profits to grow 10 percent to 1.13 billion rupees. In 2015, there was a one-off 61 million rupee write off of goodwill.

In the 9 months gross profits rose 13 percent to 3.1 billion rupees.
 
Managing Director Vish Govindasamy said healthcare revenues grew 17.2 percent to 5.3 billion rupees and after tax profits grew to 264 million rupees from 174 million rupees.

Consumer goods revenues grew 19.7 percent to 2.5 billion rupees and after tax profits grew to 343 million rupees from 245 million rupees.

Agricultural revenues fell 12.6 percent to 4.6 billion with tea and palm oil prices falling, but after tax profits grew to 450 million rupees from 409 million helped by a focus on quality, Govindasamy said.

In Sri Lanka palm oil prices are kept up with import duties.

Power sector revenues had grown to 104 million rupees from 88 million with better rainfall.

(Corrected-Designation of Vish Govindasamy as managing director) (Colombo/Feb11/2016)

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