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Sunshine Holdings PLC targets the leisure sector as company records growth

Sunshine Holdings PLC reported excellent results for the nine months ended December 2010 with group Net Profit after Tax of Rs 599 million which is an increase of 38% over the comparable period last year. Sunshine Holdings PLC is a diversified conglomerate with interests in Healthcare, Plantations, FMCG, Packaging, Tourism, Telecom and Power. Group companies include Swiss Biogenics Ltd, Watawala Plantations PLC, Sunshine Packaging, Sunshine Travels & Tours, Sunshine Energy and Healthguard Pharmacy. The company is also the local investor in Tata Communications Lanka.

Group revenue for the period was Rs 7.8 Billion, an increase of 12.6% over last year, with the two major sectors, plantations and healthcare achieving a growth of 7.7% and 19.6%. Gross profit for the period was Rs 1.7 billion, an increase of 35% over the comparable period last year. This significant increase has been achieved by contributions from both the major sectors, with plantations benefitting from record rubber prices and FMCG segment margins and the healthcare sector improved sales of higher margin diagnostics and surgical products.

In new ventures, the Company has moved into the leisure sector with the setting up of two boutique bungalows under the brand "Mandira" in the upcountry with more to follow in the months ahead. "Mandira" is the Sanskrit word for mansion, and the brand positioning is to invite guests to experience a colonial home atmosphere. Increased tourist arrivals as well as effective marketing have led to higher than anticipated occupancy during the period. The company expects this sector to grow into a sizeable business in the future as they expand across the country and with overall improvement in tourist arrivals.

The Company's active interest in hydropower through Sunshine Energy Ltd, has resulted in the construction of their first project, a 1.7 Megawatt unit in Waltrim estate, Lindula. They anticipate project completion by December 2011, while two other projects have been finalised and work will begin soon. The company has set a target to achieve 10 Mw of power generation by 2013.

The Board of Directors of the company is comprised of Mr Rienze Wijetilake, Chairman, Mr U Kadirugamuwa, Mr Munir Shaikh, Mr Sarath Piyaratne, Mr Govindasamy Sathasivam, Mr Vish Govindasamy, Mr Bhandula Hulangamuwa and Mr Shyam Sathasivam. G.P.

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