Sri Lanka Carson Sept net buoyed by palm oil

Nov 17, 2009 (LBO) – Sri Lanka’s Carson group said net profit for the September 2009 quarter almost doubled from a year ago mainly on strong contributions from its palm oil plantations in east Asia. The company said in a stock exchange filing that September 2009 quarter net profit shot up 93 percent to 609 million rupees from the same period last year despite a higher foreign exchange loss.

Earning per share rose by the same percentage to 6.17 rupees over the period.

Group sales rose 19 percent 4.7 billion rupees in the September 2009 quarter from a year ago.

According to a segmental analysis of group quarterly results, oil palm profits doubled to 558 million rupees while the group’s beverage business returned a profit of 76 million compared with a 10-million-rupee loss last year.

International palm oil prices have fallen off their peaks in May this year but are still high by historical standards, although much below the ‘commodity bubble’ prices of 2008.

The Carson group’s real estate, investment holdings and hotels made losses in the September 2009 quarter.

Group net profit in the six months to September 2009 went up 12 percent to 1,961 million rupees from the sa