Oct 30, 2007 (LBO) – Sri Lankan mini hydro power company Vidullanka Tuesday said net profit for the first half ending September 30, 2007 was up nine percent year-on-year to 24.6 million rupees. Group revenue rose 13.5 percent to 83.5 million rupees over the same period, according to interim results sent to the Colombo bourse.
A company statement also said it proposed a capitalisation of reserves with plans to issue 3,279, 375 ordinary shares at 12 rupees per share in the proportion of one new share for every existing 10 shares.
The issue is subject to shareholder and stock exchange approval.
The statement also said the Board of Directors had decided to sell the 399,999 ordinary shares held by the company in its fully owned subsidiary Vidul Energy (Private) Limited.
In March this year, Vidullanka connected a new plant to the national grid boosting its annual energy production capacity by more than 66 percent to 20 GigaWatthours (GWh) from 12 GWh.
It operates a 3.2 MegaWatt (MW) plant and a 2MW plant and has a 15-year power purchase agreement with the Ceylon Electricity Board.