Business Times

Renuka posts 3Q10/11 consolidated revenue jump of 150% YoY

Sri Lanka's Renuka Holdings has posted 150% and 85% year-on-year increases in consolidated revenue for the three months and nine months to end-December 2010 respectively, with the former growing to Rs. 1.16 billion and the latter to Rs. 2.26 billion.

However, revenue gains were offset by even greater rises in consolidated cost of goods numbers for both periods, to the tune of 246% and 112%, respectively. This resulted in consolidated gross profit for the three months to end-December 2010 dropping year-on-year by 26% to Rs. 121.77 million, with the same line item gained year-on-year by 30% to Rs. 513.12 million for the nine months to end-December 2010, the group said.

It showed a loss after tax for the three months to end-December 2010 of Rs.32.84 million, a fall of 79% from the year before. Additionally, there was a consolidated profit after tax for the nine months to end-December 2010 of Rs. 649.29 million, an increase of 61% year-on-year.

Also, profitability for the three months to end-December 2010 was negatively impacted by year-on-year decreases in the ‘other income’ (51%) and ‘mark-to-mark value adjustment’ (179%) line items in the income statement. However, profits for both of these line items in fact increased by 73% and 51% year-on-year, respectively, over the course of the nine months to end-December 2010.

Financials also revealed that, segment-wise, profits for the nine months to end-December 2010 were largely due to investment and services while a smaller portion came from Renuka's agri-business unit.
According to the group's chairperson, Indumathi Renuka Rajiyah, who was quoted in the financials; "Company profit after tax grew to Rs. 347.7 million compared to Rs. 236.1 million in the corresponding nine months of last year while group profit after tax was Rs. 649.2 million.”

Ms. Rajiya also revealed the group "continued taking advantage of market opportunities, investing in listed shares, investing in unquoted equity positions and debt instruments. Its total investment portfolio was Rs. 1.3 billion of which 42% was classified as short term investments and 58% as long term investments." Financials also showed share acquisitions to the tune of Rs.156.32 million.

She also added that its "investment portfolio also consists of Biological assets and in this regard the group continued planting teak and mahogany." And concluded by suggesting that one of two projects the group had previously slated for property developent and leisure had passed through its project feasibility study phase and was going ahead utilising a "mixed" development concept, all that was pending was a finalised project time line. Meanwhile, financials also indicated property investments of Rs. 214.23 million. Additionally, according to prior media reports, the group already has 1.6 acres in Colombo and 23 acres in the North and East.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
Disappointed Chinese investors return with another investment
Indian business baron on a 3-day holiday with wife, mother
PEO TV delays new installations
Wage battle soon in plantations
Sierra Cables to produce more ABC output against unviable copper
5-star hotel room rates $125 from April
Chaos continues at BOI; staff mulling ‘serious’ union action
Sri Pada pilgrims get relief from foot massage
Comment - Trouble brewing on plantations
Features - Professor Gishan Dissanaike: An emerging luminary in Economics from the University of Peradeniya
Features - More females than males in households:Govt survey
DFCC 3Q 10/11 group income reaches Rs. 13 bln
53% YoY 3Q 10/11 group net profit for Cargills, post 3 Coins, Kotmale
Hemas earnings up by 59.2%, strong growth from healthcare, transportation, leisure
Ceylon Oxygen to invest Rs 1.3 bln in new unit
Tourism, not an industry but glamour and hype, SLT head claims
AA, Asian Alliance in MoU for insurance needs
Rewarding transparency the ACCA way
Umbrella maker Rainco now into ‘Window ware and shade systems’
Features - Sri Lankan estate sector deprived of full budgetary allocations
Revenues up 45% YoY for Lankem-controlled CW Mackie
SEC’s rule on fast buck traders may be amended
Cessna aircraft makes its entry into the corporate world
Nestlé opens nominations for Rs 55 mln-worth 2012 Prize in ‘Creating Shared Value’
Focus - Broadband quality: We are there at last!
LOLC reduces borrowing costs thro’ access to long-term finance
Expolanka moves up the ladder to a corporate boardroom future
BOI jumps on ‘Wonder of Asia’ bandwagon, FDI target over $1 billion
Education issues at ST Business Club
WFP welcomes ECHO support to the flood-affected
Sri Lanka’s debt to GDP ratio at manageable levels
Sri Lankan Emeritus Prof. wins international award
Circumstances count more than attributes in investing
Sri Lanka could be a production house to India
EFC sets up HR network and launches website
Two chambers come together for mutual benefit
Microsoft Sri Lanka takes IT to 1,000 rural villages
Czech Republic to double trade volumes with Sri Lanka
Renuka posts 3Q10/11 consolidated revenue jump of 150% YoY
Man to watch: Giant strides by high networth investor Dr T. Senthiverl
Colombo prepares for mega seminar by Asian Branding Guru Martin Roll
Another $217 mln IMF tranche in April


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution