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.