Plantation sector boosts Sunshine Holdings profits
9 November 2012 08:28 am
Sunshine Holdings PLC, backed by the plantation sector performance, posted a profit of Rs 98.3 million for the quarter ended 30th September 2012, improving drastically over a loss of Rs 5.57 million during the same period last year.
Group turnover during the quarter increased by 30% Year-on-Year (YoY) to Rs 3.26 billion, boosted by improvements in the performance of its plantations and management services segments.
The plantation segment in particular recorded a drastic reversal in performance, posting a profit of Rs 343.6 million during the six months ended September 30th, following a loss of Rs 36.95 million during the same period last year.
Revenue in the segment grew to Rs 2.71 billion, from Rs 2.29 billion last year while profits generated from operating activities stood at Rs 293.9 million, as compared with only Rs 4.53 million last year.
The management services segment also recorded a drastic increase in profitability, generating a profit of Rs 256.1 million, up from Rs 77.7 million.
Meanwhile, the group’s healthcare segment saw a profit of Rs 146.2 million, down from Rs 169.9 million during the same period last year.
Overall, Sunshine posted a profit of Rs 282.5 million for 1H13, recovering from Rs 57.7 million in the previous year and driven by a 21% YoY increase in turnover at Rs 6.42 billion.
The company also received other income of Rs 119 million, as compared with Rs 104.8 million last year.
Notably, finance expenses during the half increased by 100% YoY to Rs 105.7 million.
Sunshine also announced its entry into the hydropower sector during the half, following the incorporation of its energy subsidiary, Sunshine Energy Ltd. The company’s first project, a 1.7 Megawatt unit in Waltrim estate Lindula has already commenced revenue earning operations, according to Chairman, Sunshine Holdings PLC, Rienzie Wijetilleke.
“We anticipate the project to generate revenue commensurate with full capacity operations in the year under review. Two other projects have been finalized and work will begin soon, ensuring we achieve our target of 10 Mw by 2013,” Wijetilleke added.