Business Times

‘Sun shines’ on Sunshine Co. profits

Sunshine Holdings PLC reported strong profit growth for the half year driven by revenue increases from healthcare and plantation sectors.

“The revenue of Rs. 4.9 billion earned in the half year represented a growth of 16.2% over that of Rs. 4.2 billion recorded in the same period in the previous year,” said the company in a press release.

The profit attributable to shareholders of Sunshine Holdings recorded an increase of 22.6% to reach Rs. 172.8 million. The Group Profit before Tax of Rs. 428.5 million, increased by Rs. 174.9 million compared to the same period in the previous year.

While this growth was mainly driven by the plantation and healthcare sectors, these two sectors are also expected to see further increases in business volumes and earnings during the next six months as well.
The company reported a 14.2% increase in revenue from its plantation sector activities for the first half year, compared to the previous year, to reach a figure of Rs. 2.764 billion. This increase in revenue is attributed to the 14% increase in tea production, which amounted to 4.6 million kilograms.

The company said its healthcare activities saw a revenue increase of 18.5% to reach Rs. 2.039 billion.
Revenue from tourism on the other hand was seen as disappointing. However, tourism is expected to improve and Sunshine says it is aggressively pursuing its strategy of expanding it’s estate bungalow operations, to take advantage of the demand for eco-friendly tourism.

The company also reported that its hydro power subsidiary, Sunshine Power, has signed a PPA agreement with the CEB for its Lower Waltrim project.

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