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Sri Lanka's Sunshine Holdings has reported a loss for the September 2011 quarter with earnings at a plantations unit hit by a wage hike but plans to build hotels in different parts of the island.
The group made a net loss of 5.6 million rupees in the September 2011 quarter against a net profit of 56.5 million rupees the year before, a stock exchange filing said.
Earnings per share fell to four cents for the quarter from 43 cents a year ago. The group's sales rose three percent to 2.5 billion rupees in the September 2011 quarter from a year ago.
The results showed 59 million rupees in other income for the quarter. Administration costs doubled to 287 million rupees but selling expenses fell 34 percent to 111 million rupees.
In the six months to September 2011, net profit was down 67 percent to 58 million rupees with EPS falling to 43 cents from 1.30 rupees the previous year.
A segmental analysis showed Sunshine group's plantations business made an after tax loss of 13 million rupees compared with a profit of 157 million rupees the year before. The listed Watawala Plantations is part of the Sunshine group.
Sunshine chairman Rienze Wijetilake said the group's healthcare sector and fast moving consumer goods (FMCG) businesses helped make up for losses in the plantations sector where a 27 percent wage hike came into effect in April 2011.
"The healthcare sector had improved sales in the surgical and diagnostics segments," he said.
"Healthcare retail segment also showed good growth with two new stores being opened during this period."
He said he expects the plantations subsidiary to recover with implementation of productivity improvement techniques and higher tea prices in the coming quarters, given the cyclical nature of the plantations business.
"Our outlook for the healthcare sector is also bullish, given the significant investments by the private and government sector to upgrade hospitals and channeling cum diagnostic centers."
Wijetilake said a joint venture between group subsidiary, Sunshine Travels & Tours, with Singapore's Silver Needle Hospitality, planned to build and manage several hotels around the island.
It will invest about 50 million US dollars in a phased manner to develop, acquire and manage hotel assets in different parts of the country.
"We have identified Colombo, (southern) Galle and (northern) Jaffna as potential sites for new hotels and are in advanced stages of finalizing land and partners," Wijetilake said.
"We believe the hospitality segment will be a significant revenue contributor to the group in the long term."
A subsidiary Sunshine Energy has begun construction of its first hydropower project, a 1.7 megawatt unit in Waltrim estate, Lindula, in the central hills.
Work on the project is to be completed by December 2011 with work on two other projects to begin soon, with the group aiming for a target of 10 MW by 2013, Wijetilake said.
http://www.lbo.lk/fullstory.php?nid=504035934
The group made a net loss of 5.6 million rupees in the September 2011 quarter against a net profit of 56.5 million rupees the year before, a stock exchange filing said.
Earnings per share fell to four cents for the quarter from 43 cents a year ago. The group's sales rose three percent to 2.5 billion rupees in the September 2011 quarter from a year ago.
The results showed 59 million rupees in other income for the quarter. Administration costs doubled to 287 million rupees but selling expenses fell 34 percent to 111 million rupees.
In the six months to September 2011, net profit was down 67 percent to 58 million rupees with EPS falling to 43 cents from 1.30 rupees the previous year.
A segmental analysis showed Sunshine group's plantations business made an after tax loss of 13 million rupees compared with a profit of 157 million rupees the year before. The listed Watawala Plantations is part of the Sunshine group.
Sunshine chairman Rienze Wijetilake said the group's healthcare sector and fast moving consumer goods (FMCG) businesses helped make up for losses in the plantations sector where a 27 percent wage hike came into effect in April 2011.
"The healthcare sector had improved sales in the surgical and diagnostics segments," he said.
"Healthcare retail segment also showed good growth with two new stores being opened during this period."
He said he expects the plantations subsidiary to recover with implementation of productivity improvement techniques and higher tea prices in the coming quarters, given the cyclical nature of the plantations business.
"Our outlook for the healthcare sector is also bullish, given the significant investments by the private and government sector to upgrade hospitals and channeling cum diagnostic centers."
Wijetilake said a joint venture between group subsidiary, Sunshine Travels & Tours, with Singapore's Silver Needle Hospitality, planned to build and manage several hotels around the island.
It will invest about 50 million US dollars in a phased manner to develop, acquire and manage hotel assets in different parts of the country.
"We have identified Colombo, (southern) Galle and (northern) Jaffna as potential sites for new hotels and are in advanced stages of finalizing land and partners," Wijetilake said.
"We believe the hospitality segment will be a significant revenue contributor to the group in the long term."
A subsidiary Sunshine Energy has begun construction of its first hydropower project, a 1.7 megawatt unit in Waltrim estate, Lindula, in the central hills.
Work on the project is to be completed by December 2011 with work on two other projects to begin soon, with the group aiming for a target of 10 MW by 2013, Wijetilake said.
http://www.lbo.lk/fullstory.php?nid=504035934
