Ceylon FT: Sunshine Holdings PLC reported a net profit of Rs 1.16 billion for the year ended 31 March 2014, down 7% from a year ago, interim financial results showed.
The group recorded a consolidated revenue of Rs 14.7 billion for the year, up 12.5% from a year ago supported by contributions from the healthcare (37.5%), plantations (42.5%) and FMCG (16.9%) sectors.
Revenue for the fourth quarter ended 31 March 2014 amounted to Rs 4.0 billion, up 21.6% from the previous year.
In his message to shareholders, Sunshine Holdings Chairman Rienzie T. Wijetilleke said healthcare revenue was up 4.1% to Rs 5.5 billion, compared to Rs 5.3 billion last year. PAT was Rs 358 million compared to Rs 360 million for the last year. "This was a commendable performance by the segment, despite stagnant market growth in FY14," he said.
"Plantations revenue amounted to Rs 6.2 billion, an increase of 14.9% from Rs 5.4 billion. Growth in revenue was mainly driven by the tea sub segment which increased by Rs 509 million compared to last year. The increased volumes experienced during the second half of the year (2HFY14), on the back of favourable weather conditions, mitigated the crop loss experienced due to heavy rainfall during 1QFY14.
"FMCG sector has shown strong revenue growth, contributing Rs 2.5 billion to the group, an increase of 23.8%. The growth was driven by higher volumes sold in branded tea. With the market for branded tea remaining still during FY14, your company was able to grow by further increase its market share through aggressive marketing and distribution of its brands.
"Packaging recorded revenues of Rs 293 million in FY14, up 41.1%, but the power sector witnessed a marginal drop in revenue to Rs.97 million, down 3.1% due to low rainfall.
"The group saw a dip in profit after tax (PAT), which declined by 6.4% to Rs 1.1 billion resulting from the drop in profit in the plantations sector from Rs 725 million in FY13 to Rs 434 million in FY14, mainly attributed to the 20% wage hike which came into effect from April 2013.
"Nevertheless, profits attributable to equity share holders of Sunshine Holdings reduced narrowly by Rs 13 million (Rs.599 million in FY14 from Rs 612 million in FY13) as compared to the total PAT reduction of Rs 77 million for FY14.
"The group EPS for FY14 stood at Rs 4.47 compared to Rs 4.59 in the same period last year. For 4QFY14, profit to equity holders amounted to Rs 170 million, up 36%. The company stand-alone profit was up to Rs 1.2 billion in FY14, against Rs 179 million last year, mainly on account of a profit from sale of shares in one of its subsidiaries," Wijetilleke said.
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The group recorded a consolidated revenue of Rs 14.7 billion for the year, up 12.5% from a year ago supported by contributions from the healthcare (37.5%), plantations (42.5%) and FMCG (16.9%) sectors.
Revenue for the fourth quarter ended 31 March 2014 amounted to Rs 4.0 billion, up 21.6% from the previous year.
In his message to shareholders, Sunshine Holdings Chairman Rienzie T. Wijetilleke said healthcare revenue was up 4.1% to Rs 5.5 billion, compared to Rs 5.3 billion last year. PAT was Rs 358 million compared to Rs 360 million for the last year. "This was a commendable performance by the segment, despite stagnant market growth in FY14," he said.
"Plantations revenue amounted to Rs 6.2 billion, an increase of 14.9% from Rs 5.4 billion. Growth in revenue was mainly driven by the tea sub segment which increased by Rs 509 million compared to last year. The increased volumes experienced during the second half of the year (2HFY14), on the back of favourable weather conditions, mitigated the crop loss experienced due to heavy rainfall during 1QFY14.
"FMCG sector has shown strong revenue growth, contributing Rs 2.5 billion to the group, an increase of 23.8%. The growth was driven by higher volumes sold in branded tea. With the market for branded tea remaining still during FY14, your company was able to grow by further increase its market share through aggressive marketing and distribution of its brands.
"Packaging recorded revenues of Rs 293 million in FY14, up 41.1%, but the power sector witnessed a marginal drop in revenue to Rs.97 million, down 3.1% due to low rainfall.
"The group saw a dip in profit after tax (PAT), which declined by 6.4% to Rs 1.1 billion resulting from the drop in profit in the plantations sector from Rs 725 million in FY13 to Rs 434 million in FY14, mainly attributed to the 20% wage hike which came into effect from April 2013.
"Nevertheless, profits attributable to equity share holders of Sunshine Holdings reduced narrowly by Rs 13 million (Rs.599 million in FY14 from Rs 612 million in FY13) as compared to the total PAT reduction of Rs 77 million for FY14.
"The group EPS for FY14 stood at Rs 4.47 compared to Rs 4.59 in the same period last year. For 4QFY14, profit to equity holders amounted to Rs 170 million, up 36%. The company stand-alone profit was up to Rs 1.2 billion in FY14, against Rs 179 million last year, mainly on account of a profit from sale of shares in one of its subsidiaries," Wijetilleke said.
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