Sri Lanka’s Sunshine Holdings net up 76-pct on capital gains

ECONOMYNEXT – Sri Lanka’s Sunshine Holdings Plc, which has interests in consumer goods, pharma, agriculture and power said profits grew 76 percent to 332 million rupees in the June 2019 quarter from a year ago, helped by capital gains and healthcare.

The group reported earnings of 2.23 rupees per share. The stock closed at 46.90 rupees up 1.90 rupees.

Revenues fell 7 percent to 5.2 billion rupees in the June quarter, cost of sales fell at a faster 10 percent to 3.77 billion rupees, allowing gross profits to grow 2 percent to 1.43 billion rupees.

The group posted a 231 million rupee gain on sale of a subsidiary and a 111 million gain on a deemed sale.

Sunshine said it was not consolidating results of Hatton Plantations from the top, after selling control to Lotus Renewables.

Revenues from healthcare had grown 10.5 percent, consumer goods had dropped 5.8 percent and agriculture 24.5 percent.
Lower tea prices due to bad weather had hurt revenues. Lower rainfall had also reduced power sector revenues. (Colombo/Aug06/2019)

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