Monday, November 12, 2012

Sunshine Holdings profit up 313%

Sunshine Holdings PLC reported a Q2 2012/13 revenue increase of 30% to LKR 3.3 billion and a Profit After Tax (PAT) increase of 313% to LKR 241million, compared to the same period a year ago. Earnings per share were LKR 0.74 against LKR 0.43 in Q2 2011/12, the company announced last week.

"Q2 2012/13 was extremely challenging for the Healthcare sector, which reported a Revenue of LKR 1.3 billion and a PAT of LKR 49 million," it said in a statement.

"The Healthcare sector had a healthy YonY revenue growth of 22% to report LKR 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 LKR 49 million. Retail sales through the Healthguard pharmacy chain have also been positive for the quarter.

"FMCG sector Revenue grew 14% to LKR 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 LKR 344 million in the period as opposed to a loss of LKR 37 million that was recorded in the comparable period.

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

"For the Profits attributable to equity holders of Sunshine Holdings for 1H2012/13 reached LKR 282.5 million from LKR 57.7 million; which is a remarkable increase compared to the previous period."

RienzieWijetilleke, Chairman of Sunshine Holdings PLC, 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 thegrowth in demand in Palm Oil as well as our FMCG and Healthcare business despite challenging near term operating environment."

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