Diversified conglomerate Sunshine Holdings PLC posted a net profit of Rs. 13.46 million for the quarter ended December 31, 2016 (3Q17), down 92 percent year-on-year (YoY) from a net profit of Rs. 174.63 million, largely due to pharmaceutical price controls imposed by the government.
Basic earnings per share for 3Q17 fell to 10 cents from Rs. 1.29 YoY.
Interestingly, non-controlling interest profits increased 81 percent YoY to Rs.389.17 million backed by higher gains from agribusiness.
Revenue for 3Q17 increased 3 percent YoY to Rs. 4.42 billion, while cost of sales increased by a similar rate to Rs. 3.24 billion.
Administrative expenses increased 25 percent YoY to Rs. 499.74 million. Profits before tax had been recorded at Rs. 474.53 million, a 1 percent slip YoY. However, income tax expenses had decreased YoY, resulting in a rise in profit after tax.
The group net asset value per share increased to Rs. 45.04 from Rs.42.78 YoY as the total asset base expanded to Rs. 17.74 billion from Rs. 16.12 billion at the start of the financial year.
Equity contribution from non-controlling interest increased to Rs. 5.17 billion from Rs. 4.17 billion YoY.
A company statement said revenue from the healthcare segment fell 3.1 percent YoY to Rs. 1.79 billion due to price controls, with profits after tax (PAT) falling 217.4 percent YoY to a Rs.99 million.
The group’s fast moving consumer goods segment recorded a PAT of Rs. 85 million, down 26.1 percent YoY, due to higher profits generated during the corresponding period last year through lower tea prices.
The agribusiness PAT increased 163 percent YoY to Rs. 466 million, as increased palm oil volumes offset a contraction in tea revenue caused by inclement weather, despite the supply disruption causing record high prices at the Colombo Tea Auction during the quarter.
Net profits for the first nine months of the financial year fell 12 percent YoY to Rs. 446.70 million, while the non-controlling interests enjoyed Rs. 891.34 million in profits, up 65 percent YoY.
Revenue increased 10 percent YoY to Rs. 14.10 billion, while cost of sales increased 8 percent YoY to Rs.10.37 billion. Administrative expenses increased 15 percent YoY to Rs. 1.41 billion.
The agribusiness segment contributed most towards the nine month profits with Rs. 1.01 billion PAT, up from Rs. 438.82 million YoY and Rs. 4.74 billion in revenue, up from Rs. 4.62 billion YoY. Profits from operating activities had weighed heavily towards PAT.
The healthcare segment contributed Rs.90.75 million in PAT, down from Rs. 264.13 million YoY, while revenue increased to Rs. 5.83 billion from Rs. 5.27 billion YoY.
The group’s management services extended to other plantations generated Rs. 354.33 million in PAT, up from Rs. 286.28 million YoY.
FMCG operations contributed Rs.249.01 million in PAT, down from Rs. 343.31 million YoY, while revenue increased to Rs. 3.01 billion from Rs. 2.52 billion YoY.
Lamurep Investments Limited, an entity owned by group Director G. Sathasivam, owns 32.12 percent of Sunshine shares. Lamurep recently made a voluntary offer to purchase all other remaining shares of Sunshine.
High net worth investor Dr. T. Senthilverl owns 22.42 percent of Sunshine shares, while foreign investment banks Deepcar Limited and Moneymore Securities Limited own 18.94 percent and 16.88 percent of shares respectively.
The public float of the entity as at December 31, 2016, was 7.04 percent, up from 6.46 percent recorded at the start of the financial year, but remains below the 10 percent required under new regulations that come into effect this June.
Add commentComments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
In order to critically discuss a movement, we must first understand its etymo
Many battles were fought during the long war between the Sri Lankan armed for
When can one say they’ve had enough of being in a state of ‘wokeness’ a
Members of a dozen Sri Lankan Tamil families gathered in the evening at the r
5 hours ago
20 Mar 2023 - 3 - 712
18 Mar 2023 - 2 - 932
18 Mar 2023 - 0 - 619
18 Mar 2023 - 0 - 796
Name - Reply Comment