Business Times

Sunshine Holdings group post-tax up 38%

Sri Lankan diversified conglomerate Sunshine Holdings has reported nine months to end-December 2010 group revenues of Rs. 7.79 billion, a 13% year-on-year increase, and group net profit after tax of Rs. 599.28 million, a 38% year-on-year growth. Meanwhil, financials for the three months to end December 2010 showed group revenue had risen 7% year-on-year to Rs. 2.86 billion and group net profit after tax had gone up by 15% year-on-year to Rs. 294.04 million.

This, according to Chairman, Rienzie Wijetilleke, was "achieved by contributions from both major sectors, with Plantations recording a 49% increase backed by record rubber prices and FMCG segment margins and the Healthcare sector improving sales of higher margin diagnostics and surgical segment sales."

He also noted; "Total Overheads increased by 14.6% in this period primarily due to personnel cost increases in the plantations sector. Significant reductions in Finance costs of 24% were also achieved due to lower prevailing interest rates and better cas management across group companies."
Mr. Wijetilleke also revealed future growth avenues for the group, refering to its already set up "two 'Mandira' boutique bungalows in upcountry with more to follow in the months ahead," prompted by growing tourist arrivals; as well as its "active interest" in hydro power. The latter which has already led to the construction of a first 1.7 Megawatt project in Waltrim estate, Lindula, expected to be completed by year's end, with another two projects to be finalised with the intent to grow to a 10 Megawatt output by 2013.

Meanwhile, newly released financials also suggested that, on a segmental basis, the highest degree of growth was witnessed in healthcare and travel, with healthcare earning Rs. 3.13 billion for the nine months to end-December 2010 and travel, Rs. 9.08 million. This was compared to Rs. 2.62 billion during the same period in 2009 for healthcare and Rs.5.53 million for travel. Additionally, the highest revenue for the nine months to end-December 2010 was earned, as previously noted by Mr. Wijetilleke, in healthcare (Rs. 3.13 billion) and plantations (Rs. 4.15 billion).

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