Friday, November 9, 2012

Sunshine Holdings glitters with good Q2 results

Revenue of Rs. 3.3 b and PAT of Rs. 241 m, increase of 313% in comparison to Rs. 58 m in Q2 2011/12
Sunshine Holdings PLC reported a Q2 2012/13 revenue increase of 30% to Rs. 3.3 billion and a Profit After Tax (PAT) increase of 313% to Rs. 241million, compared to the same period a year ago.

Earnings per share were Rs. 0.74 against Rs. 0.43 in Q2 2011/12.

Q2 2012/13 was extremely challenging for the Healthcare sector, which reported revenue of Rs. 1.3 billion and a PAT of Rs. 49 million.

The Healthcare sector had a healthy YoY revenue growth of 22% to report Rs. 1.3 billion for Q2 2012/13. Pharmaceutical sales increase was the primary contributor to this growth, with very encouraging results also for Wellness/OTC sales. Challenges in surgical and diagnostic sales led to lower PAT of Rs. 49 million. Retail sales through the Healthguard pharmacy chain have also been positive for the quarter. FMCG sector revenue grew 14% to Rs. 445 million with a healthy 49 million PAT contribution despite strong competition in the market place during the quarter under review.

Another key contributory factor for increase in profitability was the Plantation sector PAT of Rs. 344 million in the period as opposed to a loss of Rs. 37 million that was recorded in the comparable period.

The Group’s PAT for the half year ended 30 September 2012 (1H2012/13) increased significantly to Rs. 544 million while revenue increased 21% to Rs. 6.4 billion compared to the same period a year ago.

Profits attributable to equity holders of Sunshine Holdings for 1H2012/13 reached Rs. 282.5 million from Rs. 57.7 million, a remarkable increase compared to the previous period.

Sunshine Holdings PLC Chairman RienzieWijetilleke said: “The Group’s business model is sound and all key business segments of the Group are expected to perform satisfactorily for the rest of the year. Long-term prospects remain intact as we are well positioned to capture the growth in demand in palm oil as well as our FMCG and Healthcare business despite challenging near term operating environment.”

Sunshine Holdings PLC is a diversified holding company, with interests in Healthcare, Plantations, FMCG, and Renewable Energy, among other growth industries. The group’s key portfolio comprises of plantation infrastructure across palm oil, tea and rubber, along with mature Healthcare products in pharmaceutical, surgical, diagnostics and wellness, supported by a dynamic proprietary distribution infrastructure with islandwide reach.  Sunshine Holdings’ fast growing FMCG company is also the No. 2 branded tea company in Sri Lanka.

The Group has over 13,000 employees and revenue of approximately US$100 million.

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