Sri Lanka Kelani Valley Plantations December net up 13-pct

Feb 16, 2012 (LBO) – Sri Lanka Kelani Valley Plantations said December 2011 quarter net profit rose 13 percent to 187 million rupees from a year ago as tea and rubber prices fell and costs rose. December 2011 quarter sales of the firm, which is part of the Hayleys group, rose 48 percent to 1.5 billion rupees while earnings per share were 5.49 rupees, a stock exchange filing said.

EPS for the 2011 financial year ending December 2011 were 13.54 rupees. Annual net profit rose 44 percent to 460 million rupees from the year before.

Kelani Valley Plantations said sales growth was partly owing to consolidation of Mabroc Teas (Pvt) Ltd.

Both administration costs and tax expenses were sharply higher during the December quarter and the full financial year.

According to a segmental analysis of annual results rubber profits rose almost 60 percent to 756 million rupees while profit from tea profit rose 35 percent to 130 million rupees.

Hayleys chairman Mohan Pandithage said global pressures on commodity prices had precluded what could have been an even better result for the year in which Kelani Valley faced fluctuating tea and rubber prices and a big wage increase.

Pan