Sunshine Holdings reports outstanding performance in 1Q 2012/13

Wednesday, 15 August 2012 00:28 - - {{hitsCtrl.values.hits}}

Profit After Tax (PAT) of Rs. 303 m, increase of 824% in comparison to Rs. 32.7 m in Q1 2011/12

Sunshine Holdings PLC (CSE: SUN) 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 Rs. 1.38, compared with Rs. 0.47 in the first-quarter of 2011/12. This was an 824 per cent 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 per cent 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 Hydropower 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 finalised and work is scheduled to commence soon, with the target of adding 7 Mw of power to the national grid by 2013.

“Taking into consideration the current momentum set by Sunshine Holdings, I am optimistic about reporting a sustainable growth in all business units, when we complete this financial year,” says Sunshine Holdings Chairman Rienzie T, Wijetilleke.

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