Vallibel Power Erathna PLC recorded a net profit of Rs. 94 million for the period ended 30th June 2011 in contrast to a net profit of Rs. 118 million during the period in 2010. This expressed a drop in Net Profit of 20% during the 1Q.
Furthermore, revenue too was down 15% for the 1Q, standing at Rs. 131 million for 2011 when compared with Rs. 155 million for the period ended 30th June 2010.
Meanwhile, Gross Profit also took a downward trend, which meant the company recorded a GP of Rs. 121 million for the 1Q in 2011 compared to Rs. 145 million during the 1Q of the previous year.
Basic Earnings Per Share stood at Rs. 0.13 for the period in consideration. This was in turn in comparison to EPS of Rs. 0.16 during the 1Q of 2010. Vallibel Power Erathna in its Annual Report for 2010/2011 stated that the construction work of Kiriwaneliya Hydro Power Project at Norton Bridge and the Denawaka Ganga Hydro Power Project at Ratnapura are 75% complete and that the company hopes to complete these two projects by November 2011.
As reported in the last Annual Report, the company acquired Country Energy (Pvt) Ltd., on 1st November 2009 which held the rights to develop two hydro power projects at Ratnapura and Norton Bridge namely the Denawaka Ganga Hydro Power Project and the Kiriwaneliya Hydro Power Project. The Annual Report of 2010/2011 further expressed that these two projects have obtained all statutory approvals required for the implementation and completion of the two projects that will have a cumulative installed capacity of 11.85MW as compared to the 10MW contribution of the company at present.
K. D. Dhammika Perera, Chairman, Vallibel Power Erathna PLC in the 2010/2011 Annual Report stated that the company is developing Hydro Electricity Generation to replace substantial greenhouse gas producing systems, as they are committed to the economic, financial, social and environmental sustainability of our business operation.
source - www.dailymirror.lk
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