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Thursday, November 11, 2010

Renuka Holdings profits up 168%

Renuka Holdings PLC has recorded an impressive turnover and profit after taxation for the six months ended 30 September 2010 as per the interim financial statement released.

The Company’s profit after tax grew to Rs. 387.1 million compared to Rs. 113.3 million in the corresponding period of last year. Group profit after tax rose 168 percent to Rs. 616.5 million, of which Rs. 473.6 million was attributable to shareholders of Renuka Holdings PLC. The consolidated turnover for the period under review grew to Rs. 1.1 billion while total assets of the Group increased to Rs. 3.5 billion as at 30 September 2010.

In the Operations review accompanying the interim financial statements, Executive Director Shamindra Rajiyah stated that "RHL continued taking advantage of market opportunities investing in listed shares, taking unquoted equity positions and in debt instruments. Its total investment portfolio was Rs. 1.2 billion of which 81 percent was classified as short term investments and 19 percent as long term investments. Our investment portfolio, in addition, consists of biological assets and in this regard the group continued planting Teak and Mahogany".

On future plans the release stated that "In August 2010 a new sector was created - Property Development and Leisure. Concept plans have been finalised and the project team for this new sector is being put in place and the funding is currently being organized". It further highlighted "the Group is to soon embark on manufacturing innovative new beverages of Coconut and Tea and plans are being finalised".

Renuka Holdings traces its origin to 1866 and was listed on the Colombo Stock Exchange in 2008. The Group is engaged in plantations, manufacturing and exporting of Ceylon Tea, Coconut products, Ethnic and Organic Foods as well as in Forestry, Logistics and Portfolio Management.

The Board of Directors of Renuka Holdings PLC comprises Ms. I.R. Rajiyah (Chairperson) Dr. S.R. Rajiyah, C.J. De. S. Amaratunge, Mr. L.M. Abeywickrama, S.V. Rajiyah, and M.S. Dominic.

source - www.island.lk