Business Times

Plantations, healthcare boost profits at Sunshine Holdings

Sunshine Holdings (SUN) says it recorded its highest results this year, with the Group reporting a net profit of Rs 1.0 billion for the latest, concluded financial year. A company statement said this 38% year-on-year growth in post-tax was helped by growth from the plantations and healthcare segments.

SUN group revenue increased by 14% YoY to Rs 10.7 billion supported by the plantation and healthcare segments, which recorded revenues of Rs 6.15 billion and Rs 4.3 billion, respectively. The Group has a strong foothold in the plantations segment through its subsidiary Watawala Plantations. Watawala is engaged in the cultivation and manufacture of tea, rubber and palm oil, with the primary revenue generator for the company being tea. The ain growth from this sector was due to strong natural rubber prices. “With the global demand for natural rubber on the rise, the outlook looks positive for this segment,” the statement added.

The second highest revenue and profit generator for the Group is the healthcare segment. A 100% subsidiary of Sunshine Holdings PLC; SBL’s primary operations are importing and marketing pharmaceuticals and medical equipments used for diagnostics and surgery. The Healthguard pharmacy chain also contributes to this segment’s earnings via the retailing of pharmaceuticals.

The packaging segment weathered a storm through the Dubai financial crisis and recorded a revenue growth of 35.5% to Rs 220 million. Plans are underway to further diversify the production range with a planned capital expenditure exceeding Rs.50 million to capture the current market which relies in overseas manufactures.

The Group said that through Sunshine Power it plans to construct 7 MW of power, with a budgeted capital expenditure of Rs 1.6 billion and later increase it 10 MW. The plants are expected to be completed by 2012/2013.

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