Sunshine Holdings achieves highest-ever revenue and profits in 1Q 2016/17
View(s):Sunshine Holdings, achieving its highest-ever Group Revenue and Earnings Per Share (EPS) for a single quarter, has concluded the first quarter of its 2017 Financial Year (1Q 2016/17) on a high note, according to a company media release. For the quarter ended 30th June 2016, Sunshine Holdings’ post-tax profit rose by 30 per cent year-on-year (YoY) to Rs.408 million while group revenue was up 11 per cent to Rs. 4.6 billion.
The five sectors in which the diversified conglomerate operate are; Healthcare (Sunshine Healthcare Lanka Ltd. and Healthguard Ltd.),
FMCG (Watawala Tea Ceylon Ltd.), Agribusiness (Watawala Plantations PLC), Packaging (Sunshine Packaging Ltd.) and Renewable Energy (Sunshine Energy Ltd.). “This strong performance amidst economic and business volatility and challenges – especially in Agribusiness – reflects the solid fundamentals of Sunshine Holdings and its business units,” Group Managing Director (GMD) – Vish Govindasamy said. “The high growth trajectory of Sunshine Holdings is evident in the group achieving its’ highest-ever group revenue and EPS for a single quarter during the concluded financial period.
With the expansion efforts and strategic initiatives which are underway, the Group is well poised for further growth acceleration in the medium to long term.” Healthcare, the largest sector of the group, which accounted for 42.4 per cent of group turnover for 1Q 2016/17, increased its revenue by 18 per cent. As a result of having to absorb exchange rate fluctuations (due to price controls on pharmaceuticals) Healthcare PAT however was down 6.1 per cent YoY in 1Q 2016/17.