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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » 23-May-2013 Interim Financial Statements 31-03-2013 - Watawala

23-May-2013 Interim Financial Statements 31-03-2013 - Watawala

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Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
http://www.cse.lk/cmt/upload_report_file/728_1369279282390.pdf

sriranga

sriranga
Co-Admin
May 23, 2013 (LBO) - Sri Lanka's Watawala Plantations Plc reported profits of 124 million rupees in the March 2013 quarter down 54 percent from a year earlier, as commodity prices eased, with palm oil continuing to perform well.

The firm reported earnings of 53 cents per share for the quarter, in accounts filed with the Colombo Stock Exchange.

It reported earnings of 2.87 rupees per share for the year to March 2013 on total profits of 680 million rupees, up 49 percent from 455 million rupees a year earlier.

In the March quarter revenues rose 31 percent to 1.63 billion rupees, cost of sales rose at a faster 36 percent to 1.48 billion rupees, shrinking gross profits 5 percent to 167 million rupees.

In the full year, revenues rose 28 percent to 5.3 billion rupees, cost of sales rose at a slow 14 percent expanding gross profits 165 percent to 1.04 billion rupees.

Managing director Vish Govindasamy said the company's tea production improved 7.5 percent despite a drought.

"Improved agronomical practices implemented by the company, now appear to be showing good results," he said.

Tea had brought profits of 66 million rupees against a loss of 408 million rupees a year earlier.

Since then there had been a wage hike.

He said rubber production dropped 18 percent and the net sale average also fell by 76 rupees a kilo, making rubber only marginally profitable. Some rubber was abandoned and was now due for replanting.

The company had made profits of 545 million rupees up 28.5 percent from tea

"With the Palm Oil production improving, with higher yields being recorded the COP (cost of production) continued to remain low," Govindasamy said.

"The production of palm oil improved as the company adopted several modern agricultural practices, which are now producing results. Further several new fields came in for harvesting during the year under review."

Palm oil is not labour intensive like tea.

Global commodity prices have eased this year with the dollar strengthening.

US monetary policy is expected to tighten this year with quantity easing (a dangerously activity involving printing large volumes of money) expected to end this year, if economic output remains strong Fed Chief Ben Bernanke said this week.

When the dollar strengthens against real goods and services, commodity prices measured in dollars 'fall'. The Sri Lanka rupee is loosely pegged to the US dollar.

Some commodity traders are forecasting a 14 percent drop in edible oils this year, and more if crude drops below 90 dollars a barrel. Three month Malaysian palm oil futures are now a little over 2300 US dollars a tonne.
http://www.lankabusinessonline.com/news/sri-lanka-watawala-plantations-in-profits-with-palm-oil/1317398683

http://sharemarket-srilanka.blogspot.co.uk/

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