Vallibel profits surge by 147 %

Vallibel Power Erathna Plc (VPEP) profits for the year to March 31, 2008 rose sharply due to the sale of a small hydro power plant to a foreign buyer.

This jump in profits is due to the capital gain of Rs.185 million when it sold Didul, a small hydro power plant on March 28. "We got a good price, so we sold it," Nimal Perera, Director VPEP said. The company recorded a profit of Rs.377 million for the 2007-08 year, up 147 percent from Rs.152.8 million profit last year, according to the results released by the company.