Watawala profit soars in Q3

Watawala Plantations PLC (WATA), Sri Lanka's leading Agribusiness group, recorded a Profit After Tax (PAT) of Rs 286 million for the quarter ending December 31, 2012 (3Q 2012/13), a 54% increase on trailing quarter (Q2), mainly driven by increase in profitability in Palm Oil.

Revenue was up 29% to Rs 1.78 billion in 3Q2012/13 (Q-o-Q) mainly due to Production and Productivity increase in Palm Oil, quality of crop for Tea helped with Tea prices remaining high.

The Group's PAT for the Q3 ending December 31, 2012 (3Q2012/13) increased 54% to Rs 286 million, compared to PAT of Rs 187 million for the previous quarter (Q-o-Q). For the ninth month ending December 31, 2012 (Year-to-date), Revenue was Rs 4.4 billion with a PAT of Rs 630 million.

Almost 45% of the profit contribution was recorded in the 3Q 2012/13, a direct reflection of the good agricultural practices that has been institutionalized during the past year.