Vidullanka ups 9-month profit by 92%

Tuesday, 8 February 2011 00:43 -     - {{hitsCtrl.values.hits}}

Vidullanka PLC’s December 2010 quarterly profit rose by 92% to Rs. 69 million from a year ago with group revenue from energy sales topping Rs. 110 million, the company disclosed in the quarterly report filed with the stock exchange.

Earning per share for the group for the quarter ended is 16 cents compared with eight cents in the previous year, after a one into 10 share split in July 2010. The earning per share for the last three quarters is 42 cents, which is 50% higher than the EPS reported for the last financial year.

Vidullanka’s nine months profit rose by 43 per cent to Rs. 182 million fuelled through the higher electricity generation from the existing power plants and the revenue from recently commissioned Ganthuna mini hydro power plant adding strength to the bottom line.

Revenue from power generation grew by 10% while the decline cost of sales went down by 56% to Rs. 15 million compared to last year. Decrease in finance cost by 33% also positively contributed to the bottom line. Other income through expert services to the industry rose 430%. RAM Ratings recently upgraded Vidullanka PLCs credit ratings to A- with stable long term outlook. The company recently raised Rs. 216 million through a 1 into 7 rights issue in order to venture into several renewable power projects in parts of the island.

The company announced an interim dividend of 10 cents per share on last Wednesday following the successful operations. The company’s shares closed at Rs. 7.20, a total of 284,900 shares changing hands on last week.