Carsons loses significantly, shareholders toldView(s):
The Carson’s Group, which has extensive oil palm and rubber plantations in Asia, has virtually cleaned out its profits’ performance and explained the reasons for the phenomenal slide. In an announcement to the Colombo Stock Exchange, the company said post-tax profits of the company for the quarter ending June 30, 2012 fell to Rs 356 million from Rs 1.44 billion while group post-tax profits dropped to Rs 27.3 million from Rs 5.7 billion in the same 2011 period
Explaining the reasons for this sharp drop, the company told shareholders that profits were hit by markets and industry issues and the ‘absence of significant one-off transactions during the quarter under review’, a fall in oil palm prices and an exchange drop in the Indonesian and Sri Lanka currencies. Profits at a subsidiary, Bukit Darah showed similar trends with consolidated after-tax profits dropping to Rs 26 million from Rs 6.8 billion.
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