Sunshine Holdings posts Rs. 303 m PAT in 1Q
Sunshine Holdings PLC reported first-quarter 2012/13 profit after tax
(PAT) of Rs 303 million, compared with PAT of Rs 33 million in the
first-quarter of 2011/12. Earnings per share were Rs1.38, compared with
Rs 0.47 in the first-quarter of 2011/12.This was an 824 percent growth
in the company’s post-tax profits.
The main factor for this increase was the plantations sector, which
contributed Rs. 157 million and the entire group registered a 13 percent
revenue in growth, going from Rs. 2.8 billion to Rs. 3.2 billion to post
its best ever Q1 results. A commendable achievement, by Sunshine
Holdings, in a challenging environment.
The profits to equity holders of Sunshine Holdings reached Rs. 184.1
million from a Rs. 63.2 million, a remarkable increase compared to the
previous quarter. Profits in the plantations sector was mainly due to
the diversification of crops; while tea and rubber did not do very well
during the period under review, oil palm showed excellent growth and
profitability, contributing Rs. 154 million to the bottom line.
The company’s healthcare sector also played a significant role in the
first quarter profits by making a contribution of Rs. 97 million.
The company’s entry into the Hydro-power Sector, through Sunshine
Energy Ltd has also commenced revenue-earning operations with their
first project, a 1.7 megawatt unit in Waltrim estate, Lindula.
Sunshine anticipates the project to generate revenue commensurate
with full capacity operations in the year under review.
Two other projects have been finalized and work is scheduled to
commence soon, with the target of adding 7 Mw of power to the national
grid by 2013.
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