Sri Lanka's diversified Sunshine Holdings, parent of Watawala Plantations, recently announced that its revenue for the first quarter 2010/2011 was Rs. 2.5 billion, a 25% increase over the corresponding period of last year. With this revenue hike being mainly driven by growth in the plantations and healthcare sectors which witnessed revenues increasing to Rs. 1.44 billion and Rs. 992.6 million, respectively, over the corresponding quarter of the 2009/2010 financial year. The group also comprises packaging, travel and power generation companies.
Additionally, while the profit before taxes was Rs.287.2 million, an increase of 92% compared to last year, the "profit attributable to the shareholders of Sunshine Holdings PLC, increased by a noteworthy 52 per cent to Rs 116.3 Million, the company said in a filing with the Colombo Stock Exchange". At the same time, after tax profits in the healthcare and plantations sectors increased by 31% and 296% respectively.
Meanwhile, Sunshine Holdings Chairman Rienzie Wijetilleke, elaborating on the group performance, noted that its presence in all major sectors of healthcare, namely pharmaceuticals, surgical and medical devices, diagnostics and nutraceuticals, allowed them to maintain market share overall with growth further augmented with “gross margin improvement, tight cost controls and effective management of working capital”.
He also added that plantation sector performance was "driven by higher tea production which increased by 16 per cent over that of the corresponding quarter and better prices" while palm oil and the Fast Moving Consumer Goods segment of the plantation sector also contributed. He also noted that the packaging sector "posted good growth with turnover increasing by 161 per cent to Rs 58.7 Million"; also suggesting that, looking ahead; “Overall, the group anticipates a sustained increase in business volumes across all key sectors and expects sharp comparative earnings growth from the plantation and health sectors over the next nine months.”
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