Madulsima Plantations records Rs.87.41mn net loss in 3Q

11 November 2015 03:01 am - 0 - {{hitsCtrl.values.hits}}

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Madulsima Plantations PLC’s bottom line fell further down to a Rs.87.41 million net loss for its third quarter ended September (3Q15) from a Rs.35.56 million net loss year-on-year (YoY) reflecting the negative performance of a majority of plantation companies which have not diversified into palm oil.

However, the loss per share improved to Rs.0.52 from a loss per share of Rs.1.23 YoY due to an issuance of new shares in August to settle the company’s debt.

Revenue fell to Rs.423.93 million from Rs.529.31 million YoY, and cost of sales fell to Rs.526 million from Rs.585.91 million YoY. Other operating income fell to Rs.9.08 million from Rs.24.13 million YoY while finance costs fell to Rs.13.96 million from Rs.30.47 million YoY.

The company’s assets fell slightly to Rs.5.02 billion from Rs.5.12 billion in 2Q15 due to changes in inventories and receivables.

Total equity jumped up to Rs.2.79 billion from Rs.1.51 billion in 2Q15 due to the rights issue, while retained losses edged up to Rs.2.38 billion from Rs.2.27 billion in the same period.

The long and short-term interest bearing borrowings fell slightly in 3Q15 to Rs.156.19 million from Rs.170.07 million in 2Q15, and the bank overdraft increased to Rs.418.91 million from Rs.343.07 million.

Most of the Rs.1.4 billion rights issue has gone towards settling loans from related companies, which reduced to Rs.143.91 million in 3Q15 from Rs.1.49 billion in 2Q15.

Due to the new rights issue, Stassen Exports (Pvt.) Limited now holds a 47.58 percent share and Melstacorp Limited holds a 45.90 percent share in Madulsima Plantations, compared to 35.17 percent and 31.20 percent shareholdings, respectively in 2Q15.

While the absolute number of shares of the Treasury Secretary did not change significantly, the ownership fell from 13.10 percent in 2Q15 to the current 2.25 percent.

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Madulsima Plantations records Rs.87.41mn net loss in 3Q

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