Business Times

Vallibel Power Erathna 3Q10 revenues up 42% YoY

Dhammika Perera-controlled mini hydro power company Vallibel Power Erathna Ltd (VPEL), among the first to release its financials for the current earnings season, has seen group revenues rise by 42% year-on-year to Rs. 150.62 million for the third quarter of its financial year ending December 31, 2010, in contrast to Rs. 106.22 million earned over the same period in 2009. However, after-tax net profit for the group over the same quarter stagnated at Rs. 120.93 million, a scant 1% year-on-year increase.

At the same time, group revenues for the nine months ending December 31, 2010, was revealed to be Rs. 468.51 million, a 15% year-on-year increase from the corresponding period in 2009. Additionally, the "other investments" line item in the company's balance sheet was shown to have nearly quadrupled to Rs. 202.13 million, while "interest bearing loans and borrowings" also more than doubled; both over the last nine months to end-December 2010.

According to th report, VPEL owns and operates a 10 megawatt hydro power plant in Ratnapura's Erathna, while also currently in the process of developing two more projects; the Denawaka Ganga project in Ratnapura which is approved for 4.9 megawatts but has the potential for 7.2 and the Kiriwaneliya project in Nuwara Eliya which is approved for 3.8 megawatt but has the potential for 4.95 megawatts, parts of its solely owned Country Energy which VPEL bought in 2009 for Rs. 200 million. Country Energy is also said to have Standardised Power Purchase Agreements with the Ceylon Electricity Board for both projects.

Approximately 59.46% of VPEL is controlled by Dhammika Perera, current Transport Ministry Secretary, while a further 21.42% is owned by USA-based Asia Energy Management Systems Inc.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
IIFA issues continue with audit report
Sri Lanka’s skies are looking up
CSE raises the bar on best market practices; looks to protect investors
Lankem to expand in leisure, reposition existing properties
Kalpitiya hotels - still no decision
Peek at Sri Lanka’s future
JKH expansion pace to increase
Comment - Education: Where are we heading?
Feature - Sri Lanka's new mod-tradi consumer
Sri Lanka poised to become the regional financial hub
First model pre-school in Jaffna from Hemas
Vallibel Power Erathna 3Q10 revenues up 42% YoY
Harpo’s new tourism training institute opens amidst industry take-off
Ceylon Tea in new campaign to restore Russian markets
Human rights activist barred from speaking at Colombo University event
FCCISL Investor Forum opens doors for investment in Jaffna
Sri Lankan postmen now carry bills and reloads!
State banks neglect one category of pensioners
Transparency crucial in fast-tracking infrastructure development : urban planner
Intl. community needs to work together to solve climate change : US ambassador
NDB set to secure growth: Analysts
Aggressive marketing plan to promote Unit Trusts
Chinese SEZ at Mirigama confined only to a name board after 18 months ‘of construction’
Sri Lankans favour Indian Govt. over USA, China
Boats, beverages help boost Lankan exports
Caltex supports HIV/ AIDs infected and their families
Asian Branding guru Martin Roll to visit Sri Lanka
10-year old Microimage launches BlackBerry, iPad HCM8R2 apps
Access Engineering associated with landmark Sangupiddy bridge
Milestones in the controversial oil hedging deals
F&G depositors say 'coerced' to convert deposits to shares
Dhammika’s foray into Lankan Aluminium and Hayleys dominates proceedings
Perera duo set to expand Hay leys stake to 51%
SEC probe on ERI 'not over yet'
e-Channelling may change name to include core business
CB Governor urges banks to double lending
Guardian Capital to invest in Expolanka
Why do some skilled migrants fail in their adopted countries?


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution