The company has decided to pursue a "mixed development" project on one of its properties after doing a feasibility process with plans and project time line being finalized, chairperson I R Rajiyah told shareholders.
Gross profit for the December quarter fell 26 percent to 122 million rupees as cost of sales soared 246 percent to just over a billion rupees, the accounts showed.
Earnings per share for the quarter were just three cents compared with two rupees the year before.
According to a segmental analysis most of the nine-month profit had come from its investment and services segment which yielded an after-tax profit of 526 million rupees while it got 123 million rupees from agri-business.
The accounts also showed the bottom line had been hit by a negative mark-to-market value adjustment of 42 million rupees.
They also showed 214 million rupees addition to investment property and 156 million spent on buying shares.
Rajiyah said the firm "continued taking advantage of market opportunities investing in listed shares, investing in unquoted equity positions and debt instruments."
Its total investment portfolio was 1.3 billion rupees of which 42 percent was classified as short term investments and 58 percent as long term investments.
The investment portfolio also consists of biological assets with the group continuing to plant teak and mahogany.
Rajiyah said the firm's coconut, ethnic foods, organic foods and Ceylon tea business units have continued to perform by increasing sales by entering new markets.
"The group has finalized a strategic partnership to manufacture coconut water and other isotonic beverages during the period."
She said the company has two properties earmarked for development which will take place on a two-stage basis.
"After a feasibility process, it has being decided to pursue a mixed development on the first property and plans and project time line are being finalized."
The Renuka group has an unused land blank of 1.6 acres of freehold property in central Colombo and 23 acres of tourism-related real estate in the eastern and northern provinces.
source - www.lbo.lk
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