Lankapage Logo CP 18 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sunshine Group profits rise by 32.5% YoY to Rs. 540 mn in 1Q18
Tue, Aug 8, 2017, 10:04 am SL Time, ColomboPage News Desk, Sri Lanka.

Aug 08, Colombo: Fueled by impressive growth in its consumer and agri-business sectors, diversified Sri Lankan conglomerate Sunshine Holdings reported impressive growth in top and bottom line performances during the first quarter of the current financial year (1QFY18).

Consolidated group revenue during the quarter increased by 12.5% Year-on-Year (YoY) to Rs. 5.2 billion, bolstered by strong performances in Agri and Consumer sectors, and despite a slight reduction in growth within the Healthcare sector.

The group's Agribusiness emerged as the largest contributor to Sunshine's top-line performance, accounting for 38% of total revenue, where Healthcare contributed 37% and Consumer 22% of the total revenue.

Profit after tax (PAT) for the period in review rose by 32.5% YoY, on the back of sales growth and operating margin improvement, with strong positive results also being carried through to the Group's Profit After Tax & Minority Interest (PATMI) which rose by 8.7% YoY to Rs. 224 million.

For 1QFY18, PAT amounted to Rs. 540 million up 32.5% YoY, on the back of sales growth and operating margin improvement in 1QFY18 (10.4%) compared to 1QFY17 (8.8%). Profit After Tax & Minority Interest (PATMI) grew 8.7% YoY to LKR 224m with prominent group Sunshine Holdings subsidiary, Watawala Plantation PLC, making the largest contribution to PATMI, accounting for 42% of the total.

"Overall, it has been another highly dynamic quarter for Sunshine Holdings, during which we were able to achieve substantial gains with regard to turnover and profitability. Our proactive strategy of focusing on improving quality and internal efficiency continues to yield strong results for the group, as evidenced by the resurgent performance of our agribusiness.

"While our healthcare sector continues to grapple with significant challenges arising out of the implementation of the price controls on pharmaceuticals and recently on medical devices, the group continues to perform extremely admirably. We commend our dynamic team of employees, and our network of business partners and valued customers for their role in driving outstanding performance over the last quarter. Moving forward we will continue to work in the same spirit of responsible entrepreneurship that Sunshine Holdings guided our company from strength to strength, Sunshine Holdings Group Managing Director, Vish Govindsamy stated.

 


ColomboPage - Recent 10 Stories ::
Sri Lankan President visits Niagara Falls
-- [6 minutes ago]
Speaker endorses Provincial Council Amendment Bill, instructs to hold PC elections before January and LG elections before March
-- [9 hours ago]
Prime Minister says can't allow the extremists to ruin the final opportunity for a political solution
Governors to administer provincial councils ending terms this month until election
Sri Lanka Navy training program on preventive medicine and causality care with U.S. Marines concludes
Wholesale prices of imported potatoes and big onions decline
Special Parliamentary sitting on October 3 to mark 70th anniversary of Sri Lanka parliament
India awards Mahatma Gandhi scholarships to 150 Sri Lankan students
Sri Lanka's first Social Innovation Lab to be opened next week
National Child Protection Authority initiates investigation into forcing school children to take part in wedding

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.