Sri Lanka’s Sunshine Holdings net up 53-pct in Dec

ECONOMYNEXT – Sri Lanka’s Sunshine Holdings Plc, said profits grew 53 percent in the December 2018 quarter helped by consumer goods and hydro power.

The group reported earnings of 1.85 rupees per share for the quarter in interim accounts filed with the Colombo Stock Exchange. For the nine months to December, earnings were 4.87 rupees per share on total profits of 721 rupees, which were flat.

Revenues grew 11 percent to 5.7 billion rupees, cost of sales grew 10 percent to 4.1 billion rupees and gross profits grew 12 percent to 1.6 billion rupees.

In the quarter, net finance costs rose to 68 million rupees from 36 million a year earlier.

Managing director Vish Govindasamy sad consumer goods grew 13.9 percent in the 9 months from a year earlier with profits growing 90 percent. Healthcare revenues grew 12.8 percent but margins were trimmed due to price controls and currency depreciation.

Hydro power revenues had increased to 311 million rupees from 107 million and profits were up three fold to 165 million rupees from 57 million rupees. (Colombo/Feb13/2019-SB)

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