Madulsima Plantation Plc, one of the "tea only" listed plantation companies in the country has narrowed its net loss to Rs.50 million for the December quarter against a net loss of Rs.144 million incurred in the same quarter previous year.
The reduction in the net loss in the December quarter was backed by the non cash gain of Rs.60 million on change in fair value of the plantation's timber stock.
According to the notes that accompanied the interim results of the company, it has restated the fair value of its timber stocks as at December 31, 2010 to Rs.2 billion. The revaluation surplus of Rs.2 billion has been credited to the reserves, boosting the book value per share (BVPS) to Rs.73 from only Rs.9 as at September, 2010.
The notes of the interim results in September 2010 states, "The carrying value of fuel wood (Timber) Plantations which reflects as Rs. 110.667 million, as at 30th September 2010, have been revalued by an independent qualified valuer and the revaluation has not yet been incorporated into the financial statements. The revalued amount is Rs.2,261,054,393".
The company also has been able to narrow its yearly (2010) net loss by 16 percent to Rs.148 million while the quarter-on-quarter net loss also has reduced to Rs.44 million.
As a result of this net loss, the company has recorded negative Earnings per Share (EPS) of Rs.1.7 for the quarter and a minus EPS of Rs.5.1 for the year.
Nearly 66 percent of Madulsima is owned by Harry J controlled Stassen Exports and Distilleries Company Plc.
source - www.dailymirror.lk
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