Friday, May 14, 2010

Sri Lanka - Kelani Valley Plantations makes strong start

A welcome return to normal crop volumes in tea and better commodity prices have helped Kelani Valley Plantations PLC (KVPL) to post healthy profit and turnover growth in the first quarter of 2010.

Income statements filed with the Colombo Stock Exchange by KVPL, the Plantation subsidiary of Dipped Products PLC report that it made a profit before tax of Rs 115 million for the three months ending March 31, 2010, as against a loss of Rs 43 million for the corresponding quarter of the previous year. Turnover nearly doubled to Rs 947 million from Rs 490 million in 2009.

Profit attributable to equity holders of the company improved from a loss of Rs 46 million a year ago to Rs 112 million for the three months reviewed.

KVPL Managing Director Kavi Seneviratne described the quarter's performance as a reflection of the company's potential under normal conditions.

"The first quarter of last year, against which these results are compared, was one of the worst in memory in terms of our tea crop," he pointed out.

"Better weather conditions in the first quarter of this year have resulted in a return to normal crop volumes."

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