Sri Lanka rubber plantation profits up

May 30, 2011 (LBO) – Sri Lanka’s Kegalle Plantations, which gets most of its revenues from rubber, said profits rose 14 percent to 270 million rupees with revenues growing 30 percent to 900 million rupees. Tea is a most labour intensive crop compared with rubber or coconut.

The firm was charged 197 million rupees in management fees by its parent up from 82 million rupees a year earlier. The firm is part of the listed Richard Peiris group.

Full year profits rose 129 million rupees to 837 million rupees with revenues growing 35 percent to 2.9 billion rupees.

The firm grows rubber, tea, coconut, cardamom and other crops.

The bulk of the full year revenues amounting to 1.9 billion rupees came from rubber where operating profits after depreciation and gratuity were 1.0 billion rupees.

Tea brought revenues of 908 million rupees and operating profits of 40 million, coconut revenues of 37 million rupees and gross profits of 17 million rupees.