Sri Lanka Kelani Valley March net up 120-pct on high rubber prices

May 16, 2011 (LBO) – High rubber prices have helped Sri Lanka’s Kelani Valley Plantations increase March 2011 quarter net profit by 120 percent to 246 million rupees from a year ago. Earnings per share for the March 2011 quarter were 7.24 rupees compared with 3.29 rupees the previous year. Sales of the firm, a unit of rubber gloves maker Dipped Products and part of the Hayleys group, rose 62 percent to 1.5 billion rupees, a stock exchange filing said.

The interim accounts showed gross profit from rubber shot up to 248 million rupees in the March 2011 quarter from 92 million rupees the year before while profit from tea rose to 93 million rupees from 65 million rupees.

The company also reported gains in other income which rose 223 percent to 24 million rupees.