Sunshine Holdings earnings, Rs 241 mn

Sunshine Holdings PLC (CSE: SUN) reported a Q2 2012/13 Revenue increase of 30 % to Rs 3.3 billion and a Profit After Tax (PAT) increase of 313% to Rs 241million, compared to the same period a year ago. Earnings per share were Rs 0.74 against Rs. 0.43 in Q2 2011/12.

Q2 2012/13 was extremely challenging for the Healthcare sector, which reported a revenue of Rs. 1.3 billion and a PAT of Rs. 49 million.

The healthcare sector had a healthy Y on Y revenue growth of 22 % to report Rs 1.3 billion for Q2 2012/13. Pharmaceutical sales increase was the primary contributor to this growth, with very encouraging results also for Wellness/OTC sales. Challenges in surgical and diagnostic sales led to lower PAT of Rs 49 million. Retail sales through the Healthguard pharmacy chain have also been positive for the quarter.

For the profits attributable to equity holders of Sunshine Holdings for 1H2012/13 reached Rs 282.5 million from Rs 57.7 million; which is a remarkable increase compared to the previous period.

Rienzie Wijetilleke, Chairman of Sunshine Holdings PLC, said, “The Group’s business model is sound and all key business segments of the Group are expected to perform satisfactorily for the rest of the year.

Long term prospects remain intact as we are well positioned to capture the growth in demand in Palm Oil as well as our FMCG and Healthcare business despite challenging near term operating environment.

Sunshine Holdings PLC is a diversified holding company, with interests in healthcare, plantations, FMCG, renewable energy among other growth industries.

The group’s key portfolio comprises of plantation infrastructure across palm oil, tea & rubber, along with mature healthcare products in pharmaceutical, surgical, diagnostics & wellness supported by a dynamic proprietary distribution infrastructure with an island wide reach. Sunshine Holdings fast growing FMCG company is also the No 2 branded tea company in Sri Lanka.

The Group, which has over 13,000 employees and revenue of approximately US $100 million in revenue, is consistently ranked among the LMD Top 50 companies in Sri Lanka.