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Saturday, February 19, 2011

Pelwatta Sugar losses continue

Sri Lanka's Pelwatte Sugar has reduced its net loss in the month of December or the third quarter, as the company reported a net loss of Rs.169 million against a net loss Rs.573 million in the same period last year.

However, the company made a net profit of Rs. 414 million in September 2010 or the second quarter. For the nine months ended December 31, 2010, the company has recorded a net profit of Rs.48 million.

The Earnings per Share (EPS) for the quarter was Rs.2.5 while Book Value per Share was Rs.21.4.
The largest share of the group's revenue came from its sugar manufacturing operations amounting to Rs 1.5 billion. The revenue from spirits and dairy operations amounted to Rs 756 million. Both spirits and dairy businesses have recorded sharply higher losses during the 1-3Q 2010/11.

Speaking to DM business A. Wickramanayake Director Pelwatte Sugar said "We are in the process of opening our two new factories soon. These will provide to our bottom line very soon."

Wickramanake was speaking on Pelwatta Sugar industries new projects of Animal Feed plant and the Milk powder processing plant. The milk powder processing plant will be the largest in the country and Pelawatta Dairy will go public in the near future to raise Rs 450 million.