KVPL makes strong start
KVPL’s crepe factory |
A welcome return to normal crop volumes in tea and better commodity
prices have helped Kelani Valley Plantations PLC (KVPL) to post healthy
profit and turnover growth in the first quarter of 2010.
Income statements filed with the Colombo Stock Exchange by KVPL, the
Plantation subsidiary of Dipped Products PLC report that it made a
profit before tax of Rs 115 million for the three months ending March
31, 2010, as against a loss of Rs 43 million for the corresponding
quarter of the previous year. Turnover nearly doubled to Rs 947 million
from Rs 490 million in 2009.
Profit attributable to equity holders of the company improved from a
loss of Rs 46 million a year ago to Rs 112 million for the three months
reviewed.
KVPL Managing Director Kavi Seneviratne described the quarter's
performance as a reflection of the company's potential under normal
conditions.
"The first quarter of last year, against which these results are
compared, was one of the worst in memory in terms of our tea crop," he
pointed out.
"Better weather conditions in the first quarter of this year have
resulted in a return to normal crop volumes." |