Sri Lanka agri-firm eyes north-east investments

Nov 10, 2009 (LBO) – Coco Lanka, a Sri Lankan agri-business firm, said it is eyeing investment opportunities in the former northern and eastern war zones. The company said in a stock exchange filing that group net profit in the September 2009 quarter rose six percent to 66.5 million rupees from a year ago while sales fell nine percent to 337 million rupees.

Earnings per share for the quarter were 4.40 rupees compared with 3.44 rupees in the same 2008 quarter.

“The company being an investment vehicle for agriculture ventures is currently evaluating investment opportunities especially in the eastern and northern provinces on our own and with overseas partners,” managing director S R Rajiyah said in a statement.

The firm, part of the Renuka Holdings group, has subsidiaries in plantations, manufacturing and global marketing of Ceylon tea, coconut products, and organic foods.

Economic activity is reviving in the island’s north and east after Tamil Tiger separatists in the two regions were defeated by government forces in a campaign that ended in May.

Coco Lanka group profits for the six months to September 30, 2009 were 110 million rupee