Sunshine Holdings PLC announced plans for a 1x10 share sub division which will greatly increase share capital liquidity while also announcing strong financial results at the end of the third quarter of 2009-10. A statement released this week by the company on its interim financial said there were solid performances by its businesses in healthcare and plantations which prompted the share sub-division. Sunshine Holdings reported a net profit of Rs.433.5 million for the nine months ended 31 December 2009, almost double compared to the corresponding period in 2008. Turnover grew by 23% for the period to Rs.6.9 billion.
Sunshine Holdings is the owning company of Swiss Biogenics Limited, Watawala Plantations PLC and companies in travel and packaging. Chairman Rienzie T. Wijetilleke was quoted in the statement, describing the results as impressive. He attributed the Groups performance to a renewed focus on operational efficiencies in all group companies.
Announcing plans to enter the Power sector in the fourth quarter of the year with the launch of Sunshine Power Limited, Mr. Wijetilleke said Sunshine Holdings hopes to be a significant player in building the infrastructure of the economy with this diverification. It will be the Group’s first venture into the renewable energy sector and will generate hydropower potential of 1.6 MW in the foreseeable future.
“With this diversification, we hope to be a significant player in building the infrastructure of our economy. This will be the group’s first venture into the renewable energy sector and will generate hydropower potential of 1.6 MW in the foreseeable future,” he said.
The Group’s plantations company increased its net profit to Rs.227 million, a growth of 255% on the back of improved performances from Palm Oil and retail marketing. In the Packaging sector, the Group incurred a marginal loss attributed to the impacts of the global recession. We however foresee a recovery in our main customer segment -- tea exporters -- as their trading environment improves, and with timely investment in equipment, we should be able to improve returns in the medium term, Mr. Wijetilleke noted.
The company currently has 13,333,333 issued ordinary shares which will increase to 133,333,330 upon sub division. |
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