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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Aitken Spence managed plantation posts highest ever profits

Aitken Spence managed plantation posts highest ever profits

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CSE.SAS

CSE.SAS
Global Moderator
Aitken Spence-managed Elpitiya Plantations PLC recorded Rs. 507mn as net profit before management fees for the 2012/13 financial year, its highest ever recorded. Profits soared by 194 percent from the previous year’s figure of Rs. 172mn while revenue grew by 13 percent to Rs. 2.83bn. The Company’s earnings per share rose by 201 percent to Rs. 6.20 and net assets per share recorded a growth of 23 percent to Rs. 33.51, from the previous year.

Elpitiya Plantations PLC consists of 13 estates, situated in the upper, mid and low country regions of Sri Lanka, cultivating tea, rubber, oil palm and coconut. The company has a significant stake in Sri Lanka’s only privately-owned palm oil mill and operates several mini-hydro power plants on its own estates.

"At the point of takeover by blue-chip conglomerate Aitken Spence in 1997, Elpitiya Plantations was dependent on tea and facilities were in a dilapidated state. The new management embarked on a strategy of crop diversification, efficiency improvement and human resources development for the company’s growth," Aitken Spence said in a statement.

New Peacock estate in mid-country and Talgaswela estate in low country were the highest contributors to Elpitiya’s exceptional performance during the financial year.

Dr. Rohan M Fernando, Director and Head of Business Development & Plantations of Aitken Spence PLC and the Managing Director for Elpitiya Plantations PLC said, "Our strategies to optimally utilize the resources inherent in our estates and enhance the capabilities of our staff to generate sustainable growth to the company have proven fruitful. We will continue to look at ways to innovate in our cultivation and production processes as well as in our marketing, looking at new avenues for growth".

The company reaped substantial returns from on its mini-hydro power projects and from its investment in the joint-venture palm oil mill.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=81757

sikka89


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Will this help to begin trading of this share?

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