Business Times

76% YoY consolidated revenue growth for Carson’s-owned Bukit Darah

Sri Lanka-based Bukit Darah, the holding company for local diversified conglomerate Carson Cumberbatch, has revealed that its consolidated revenue had risen 46% and 56% year-on-year for the nine months and the three months to end-December 2010 respectively. The former was Rs. 25.70 billion and the latter was Rs. 9.94 billion. Additionally, Carson had also shown a 59% and 76% year-on-year increase, respectively, in consolidated revenue for the same periods; to Rs. 24.94 billion and Rs. 9.96 billion.

At the same time, Bukit also showed significant growth in profitability, which was also shared by Carson. Bukit's consolidated after-tax profit gained by 22% and 29% year-on-year for the nine months and three months to end-December 2010, to Rs. 7.23 billion and Rs. 2.09 billion respectively, while Carson's after tax profit for each of the two periods in question were also privy to double digit growth, to Rs. 6.49 billion and Rs. 2.12 billion respectively.

Meanwhile, both Bukit's and Carson's profitabilty was positively and similarly impacted by other income which grew to Rs. 171.87 million and Rs. 158.05 million respectively for the nine months and three months to end-December 2010. Additionally, for the same two periods, both companies had mark-to-market value adjustments - unrealised which grew to Rs. 590.74 million for the nine months to end-December 2010. While these line items fell to Rs. 101.74 million over the three months to end-December 2010. Also, net realised gain on sale of investments over the two periods increased to Rs. 589.22 million and Rs. 153.47 million respectively.

In addition, the segmental information presented in the financials also showed that revenues at both Bukit's and Carson's palm oil plantations and beverages increased for the three months to end-December 2010. While, other business units (real estate and hotels) stagnated and airlines with investment holdings and airline dropping significantly.

At the same time, over the nine months to end-December 2010, all business units except for airlines of both Bukit and Carson rose overall. Additionally, investment holdings, palm oil plantations and beverages climbed significantly.

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