The Plantation subsidiary of Dipped Products PLC has reported a net profit of Rs 125 million for the period, from a net loss of Rs 5.3 million for the corresponding half of last year.
Profit before tax grew from a nominal loss a year previously to Rs 128.5 million while turnover reached Rs 1.8 billion, reflecting a growth of 60 per cent.
Profit attributable to equity holders of the company grew to Rs 119.4 million from a loss of Rs 4.8 million for the first half of 2009.
KVPL Managing Director Kavi Seneviratne said this growth was achieved despite rubber production falling by 8 per cent in the review period due to adverse weather conditions.
Tea production on the other hand, improved by 23 per cent, but prices, especially of high growns, declined somewhat in the last two months of the second quarter, Seneviratne said, but added that he anticipates prices to pick up in the third quarter.
KVPL’s earnings per share for the period stood at Rs 3.51 from a loss of 14 cents for the first half of last year.
A member of the Hayleys Group, Kelani Valley Plantations manages 27 estates, over 13,000 hectares in extent, divided almost equally in to tea and rubber. All of the company’s black tea producing factories are certified as HACCP and ISO 22000-2005 compliant with regard to product and quality standards, ensuring that the product meets the highest international food safety parameters.
The Board of Directors of Kelani Valley Plantations PLC comprises of Messrs. A. M. Pandithage (Chairman), J.A.G. Anandarajah, G.K. Seneviratne (Managing Director), B.P.W. Jayasekera, R. Seevaratnam, F. Mohideen, N. Y. Fernando, S. Siriwardena, S. C. Ganegoda (alternate S. T. Gunatilleke) and L. T. Samarawickrama.
source - www.island.lk
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