Mackwoods Energy has reported half yearly accounts. The firm is listed on Colombo Stock Exchange's second board, as it failed to meet minimum public float requirements of the main board following an initial public offer that raised 350 million rupees.
Sri Lanka experienced dry weather during the first half of 2012, but rainfall has picked up since the third quarter.
The firm said revenues fell 2.1 percent to 128 million rupees in the six months to September from a year earlier, while cost of sales surged 53 percent to 92 million rupees, leaving gross profits down 49 percent to 35 million rupees.Profits fell despite 20 million rupees in other income. The firm has 252 million rupees in short term investments.