Sri Lanka Carson oil palm profits down

July 29, 2010 (LBO) – Sri Lanka’s Carson Cumberbatch group net profit for the June 2010 quarter fell 12 percent to 1.19 billion rupees from a year ago with a lower contribution from its oil palm plantations in east Asia, latest results showed. Revenue of the group, which has oil palm plantations in Indonesia and Malaysia, rose 32 percent to almost seven billion rupees, according to a stock exchange filing.

Earnings per share fell 12 percent to 12.25 rupees in the June quarter from the year before.

The group made a foreign exchange loss of 3.5 million rupees in the quarter compared with a gain of 295 million the year before.

Profits from oil palm plantations, the group’s biggest business, fell to 823 million rupees in the June 2010 quarter from 1.14 billion rupees the previous year.

However, beverage profits from the group’s brewery businesses, rose to 97 million from 38 million and profits from investment holdings rose to 273 million rupees from 215 million.