Vidullanka concludes FY18 with record performance

Monday, 4 June 2018 00:14 - - {{hitsCtrl.values.hits}}

Vidullanka PLC has concluded the financial year 2017/18 with a Profit after Tax of Rs. 462.2 million, marking a strong recovery from the sluggish performance in last financial year triggered by the dry weather.

The Group turnover marks a remarkable increase of 148% from Rs. 534 million to Rs. 1.328 billion and the gross profit increased by 178% to Rs. 1.079 billion from Rs. 391 million. The administrative expenses were up by 8.5% to Rs. 264 million and the finance cost increased by 63.2% to Rs. 262 million. The investment income from Joint ventures also marked an increase of 219% to Rs.83 million from Rs. 26 million in the last financial year. Improved performance has resulted in tax expenses of 172 million for the financial year. In addition, the company reports a foreign exchange translation gain of Rs. 66 million for the same period, increasing the comprehensive income to Rs. 528.6 million.

Vidullanka, being an active player in the renewable energy space in Sri Lanka, has continued to add new capacity to its power generating portfolio. The company commissioned its latest power plant, Udawela mini-hydro power plant, with installed capacity of 1.4MW in December 2017, nine months after commissioning its very first overseas power plant, the 6.5MW Muvumbe Small Hydro Power plant (SHPP) in Uganda. The company has entered into an agreement to acquire Timex Bukinda (U) Limited, through share-swap by way of a private placement. Timex Bukinda holds the right and required approvals to develop the Bukinda SHPP with the installed capacity of 6.5MW in Uganda.

An Extraordinary General Meeting is convened for the shareholders of the company on 6 June, to secure the shareholder approval for the private placement, the company said in a filing to the Colombo Stock Exchange.