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KELANI VALLEY PLANTATIONS PLC (KVAL.N0000)

+40
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cse.alpha
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cse.alpha


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Kelani Valley Plantations PLC is a diversified agribusiness company with interests in production, processing, marketing, plantation crops and hydropower generation. The principal activities of the Company are the production and processing of tea and rubber. The Company's segments are Tea, Rubber and Others. The Company's core business interests are in tea and rubber, with a portfolio of approximately 30 estates covering over 13,000 hectares of both tea and rubber plantations, which are cultivated on lands that are leased from the Government of Sri Lanka. It produces traditional Ceylon Tea at approximately 10 tea processing centers. In latex rubber business, it manufactures sole crepe, centrifuge latex and crepe rubber, which are used mainly as raw materials in the manufacture of rubber gloves, and in pharmaceutical and shoe industries. The Company produces sole crepe in Sri Lanka with manufacturing operations being carried out at rubber factories situated in Yatiyantota and Dehiowita.

KVAL and TPL June 2011 results in the red
KVAL has reported Rs (50) m loss for quarter, despite strong contribution from rubber
http://www.cse.lk/cmt/upload_report_file/712_1312280512485.pdf

TPL has reported Rs (70) m loss for quarter (hardly any rubber)
http://www.cse.lk/cmt/upload_report_file/726_1312189477961.pdf

Gross profit margins on rubber are still much better than those on tea, but wage hike and gratuity impact are depressing all plantation results.

dulans likes this post

Monster

Monster
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

DIPD, the parent company of KVAL may not produce profit or may produce a marginal profit in this quarter. In the previous quarter, DIPD was able to make profit due to the major contribution from KVAL.

windi5

windi5
Moderator
Moderator

WATA is also in loss. Results will be same for others as well,HOPL,ELPL,KOTA,NAMU,BALA,MADU,.

innam

innam
Manager - Equity Analytics
Manager - Equity Analytics

it was obvious that the gratuity provision was going to take a bite no matter how much rubber was involved.

http://forum.srilankaequity.com/t2811-does-the-wage-hike-only-hit-tea-segment-of-a-plantation#18820

will be interesting to see whether KGAL manages a profit thei quarter due to their heavy rubber exposure.

we should also note that certain "sneaky" management teams can delay taking the gratuity provison into the cash flow till the 4th quarter(eg- MAL http://www.cse.lk/cmt/upload_report_file/722_1311763736321.pdf)

but eventually the bite will come.

stockanalytic

stockanalytic
Manager - Equity Analytics
Manager - Equity Analytics

Monster wrote:DIPD, the parent company of KVAL may not produce profit or may produce a marginal profit in this quarter. In the previous quarter, DIPD was able to make profit due to the major contribution from KVAL.
http://www.cse.lk/cmt/upload_report_file/670_1312280381536.06.11.pdf

Monster

Monster
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Monster wrote:DIPD, the parent company of KVAL may not produce profit or may produce a marginal profit in this quarter. In the previous quarter, DIPD was able to make profit due to the major contribution from KVAL.
I am completely wrong, DIPD has produced an excellent profit of 390 million, though plantation sector made heavy loss. Surprised

innam

innam
Manager - Equity Analytics
Manager - Equity Analytics

Monster wrote:DIPD, the parent company of KVAL may not produce profit or may produce a marginal profit in this quarter. In the previous quarter, DIPD was able to make profit due to the major contribution from KVAL.



DIP is actually an unusual case that may trip up investors.

Because of different year ends (March for DIPD and December for KVAL), KVAL's march results are what gets consolidated with DIPD's June results that's why DID has delivered an EPS of 6 for the second quarter http://www.cse.lk/cmt/upload_report_file/670_1312280381536.06.11.pdf

Rajitha

Rajitha
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

windi5 wrote:WATA is also in loss. Results will be same for others as well,HOPL,ELPL,KOTA,NAMU,BALA,MADU,.

NAMU making a loss? lol! lol!

innam

innam
Manager - Equity Analytics
Manager - Equity Analytics

Monster wrote:
Monster wrote:DIPD, the parent company of KVAL may not produce profit or may produce a marginal profit in this quarter. In the previous quarter, DIPD was able to make profit due to the major contribution from KVAL.
I am completely wrong, DIPD has produced an excellent profit of 390 million, though plantation sector made heavy loss. Surprised



Just to make things clear, the losses in the plantations will only be consolidated onto DIPD results in the sept quarter (due to different year ends for DIPD and KVAL).

This is what DIPD has also pointed out in note 4 of their accounts (http://www.cse.lk/cmt/upload_report_file/670_1312280381536.06.11.pdf)
Note -4 "An agreement increasing plantation wages was signed in June 2011, with retrospective effect from April 1, 2011. The resulting cost increase in respect of Plantations sector for the three months ended June 30, 2011 of Rs. 266 M will be adjusted in the Group's second quarter ended September 30, 2011 Financial Statements. The figure of Rs. 266 M includes wage arrears for the period April 1, 2011 to June 30, 2011 and a provision of Rs.187 M for the estimated increase in the retiring gratuity liability arising from the wage revision."

Monster

Monster
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Rajitha wrote:
windi5 wrote:WATA is also in loss. Results will be same for others as well,HOPL,ELPL,KOTA,NAMU,BALA,MADU,.

NAMU making a loss? lol! lol!
If you look WATA interim report, palm oil sector has done pretty well. Hence same thing could be expected from NAMU and AGAL as well.

windi5

windi5
Moderator
Moderator

Not only wage hike, drop in tea production in June also may have a impact.diversified plantation companies have a less effect. ELPL also got some exposure to palm oil and tourism

windi5

windi5
Moderator
Moderator

With this news,plantation shares will go to the hell on tomorrow onward. dont they?

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics

It's not just tea, rubber revenue has gone down considerably for all the plantations that have come out with results so far. The one possible silver lining is that this market may have already discounted these less than favorable results.

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics

mono wrote:It's not just tea, rubber revenue has gone down considerably for all the plantations that have come out with results so far. The one possible silver lining is that this market may have already discounted these less than favorable results.

to put this whole thing in perspective, KVAL rubber reveue fell from 506mn to 356mn in the last two quarters and profit from rubber fell from 248mn to 78mn in the last two quarters. While MAL rubber revenue fell form 240mn to 124mn in the last two quarters & profits from rubber fell from 124mn to 70mn . Clearly something is negatively effective the rubber industry over here despite relatively high rubber prices. Most alarming is the how the profit margins have gone down percentage wise for KVAL.

windi5

windi5
Moderator
Moderator

Have any idea about rubber production?.Might be a drop due to rainy season prevailed

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Cann't we blame SEC for these loses? Because nowadays if anything goes wrong people blame SEC.

innam

innam
Manager - Equity Analytics
Manager - Equity Analytics

turns out HOPL, KGAL and NAMU all got bitten by the gratuity bug but at least both KGAL and NAMU had profits.

http://www.cse.lk/cmt/upload_report_file/725_1313139759343.pdf

http://www.cse.lk/cmt/upload_report_file/711_1313139996503.pdf

http://www.cse.lk/cmt/upload_report_file/709_1313139807744.pdf



interesting discrimination in the HJ group that BALA doesn't seem to have taken the gratuity provision while MADU has taken it, question is what are they trying to cook up there?

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics

Rajitha wrote:
windi5 wrote:WATA is also in loss. Results will be same for others as well,HOPL,ELPL,KOTA,NAMU,BALA,MADU,.

NAMU making a loss? lol! lol!

Namu EPS .05

nulen beruna

Actually Namu did make a loss this quarter, RICH kind enough not to take their management fee for the quarter. That's the only reason they ended in green.

lol! indeed!

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics

innam wrote:turns out HOPL, KGAL and NAMU all got bitten by the gratuity bug but at least both KGAL and NAMU had profits.

http://www.cse.lk/cmt/upload_report_file/725_1313139759343.pdf

http://www.cse.lk/cmt/upload_report_file/711_1313139996503.pdf

http://www.cse.lk/cmt/upload_report_file/709_1313139807744.pdf

interesting discrimination in the HJ group that BALA doesn't seem to have taken the gratuity provision while MADU has taken it, question is what are they trying to cook up there?

Interestingly KGAL & NAMU did a one off payment for this right? But HOPL is dragging this down to 2012 even so their revenue growth is likely to be hit by this for several qtrs ahead ;( So to overcome they'll have to increase production at least..

"The collective agreement between the Regional Plantation Companies and Trade Unions was signed on 6th June 2011 and wage increase was effective from April 2011. Arrears of wages amounting to Rs.32.11 Million has been recognised in respect of the above period. Additional increase in gratuity provision due to wage increase will be approximately Rs.50.53 Million out of which Rs.5.05 Million has been charged for the month of June'2011 and the balance amount of Rs.45.48 Million will be charged during the period July 2011 to March 2012."

20KELANI VALLEY PLANTATIONS PLC (KVAL.N0000) Empty KVAL buying pressure? Mon Oct 10, 2011 12:07 pm

barney

barney
Equity Analytic
Equity Analytic

i saw KVAL bid:offer qty is 17400:2400. It reached 52 week low too. Is this share going to start a rally or else are they fake oreders?

pathfinder

pathfinder
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

may go down further due to bad sector performence

22KELANI VALLEY PLANTATIONS PLC (KVAL.N0000) Empty Kelani Valley reports incorrect EPS Thu Dec 22, 2011 2:38 pm

Hawk Eye

Hawk Eye
Expert
Expert

KVAL Financials for the 9 months reports an EPS 8.05.
I think this is wrong,

innam

innam
Manager - Equity Analytics
Manager - Equity Analytics

Hawk Eye wrote:KVAL Financials for the 9 months reports an EPS 8.05.

I think this is wrong,


Why do you "think" that it's wrong?

Nine month earnings are 273 million (77m-50m+246m)
Number of shares 34 million
273/34= 8.05 calculation is correct.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Well its correct as per my calc too...

Equity holders of the Company (Qtr ended 30.09.201) = 77,834,000
Equity holders of the Company (3Q ended 30.09.201) = 273,684,000

No of shares (Approx) = 33,998,528

EPS for the Qtr = 2.28
EPS fot the 9 months = 8.049 (rounded 8,05)

Hawk Eye

Hawk Eye
Expert
Expert

I think I made a mistake,appologies for posting without checking

Thanks

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