Net profit attributable to equity holders amounted to Rs. 2.87 billion in the first nine months, almost equal to what was achieved a year earlier.
In the full 2009/10 financial year post-tax profit was Rs. 5.4 billion and net profit attributable to ordinary shareholders was Rs. 3.2 billion.
Carson’s Group pre-tax profit for nine months was Rs. 8.14 billion, up by 36% and Rs. 2.85 billion in the third quarter, up by 49% over corresponding periods of last financial year. Group revenue was Rs. 25 billion, up 59% in the nine months and Rs. 10 billion in the third quarter, up by 76% over the corresponding quarter of 2009/10.
By nine months Carson Group had surpassed the full Rs. 21.2 billion turnover achieved in 2009/10. Its direct operating expenses rose by 86% to Rs. 13 billion in the first nine months of 2010/11.
Pre-tax profit includes Rs. 590.7 million in marked to market value adjustments of listed investments, up by 140% over the previous year’s first nine months. Carson also benefited from Rs. 589 million in net realised gain on sale of investments, up by 185% over the first nine months of 2009/10 financial year.
Group assets had swelled to Rs. 66 billion from Rs. 40 billion as at 31 March 2010 and Rs. 37.5 billion as at 31 December 2009. Retained earnings topped the Rs. 15 billion mark to Rs. 15.6 billion, up from Rs. 14.1 billion as at end 2009/10 financial year and Rs. 13 billion as at 31 December, 2009.
Bulk of the nine months after tax profit (Rs. 4.3 billion) had come from oil palm plantations up from Rs. 3.3 billion a year earlier. In the quarter its contribution was Rs. 1.8 billion, up from Rs. 0.8 billion a year earlier.
Investment holdings and financial services had produced Rs. 1.3 billion, marginally up from Rs. 1 billion a year earlier whilst in the third quarter this sector had posted a loss of Rs. 20 million as against a profit of Rs. 541 million.
Carson’s beverage sector had produced Rs. 733 million after-tax profit up from Rs. 442 million a year earlier. Real estate business had seen a turnaround from a loss of Rs. 78 million in the first nine months of 2009/10 to a profit of Rs. 14 million whilst hotels sector produced Rs. 45 million profit, up from Rs. 6 million a year earlier.
At company level, revenue amounted to Rs. 754 million in the first nine months up 75% and after tax profit was Rs. 1.6 billion, up by 64%.
Carson Group is a diversified conglomerate and one of the foremost business establishments in Sri Lanka backed by a heritage of well over 100 years. Today it is positioned as a company whose outlook is regional, focused on a future which is technology-oriented, results driven and world class.
The businesses range from oil palm plantations in Malaysia and Indonesia, to breweries, investment holdings, portfolio management, real estate and leisure in Sri Lanka. The Group has offices in Sri Lanka, Malaysia, Singapore and Indonesia.
source - www.ft.lk
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