Sri Lanka coconut exporter does well in June

Aug 18, 2009 (LBO) - Sri Lanka's Coco Lanka said exports of coconut products did well in the June 2009 quarter with group net profit up 982 percent to 34 million rupees from just three million a year ago. The company, part of the Renuka Holdings group, said in a stock exchange filing that sales fell seven percent to 290 million rupees.

Gross profit rose 147 percent to 86 million rupees from a year ago.

It reported earnings per share of 2.

70 rupees in the quarter compared with 0.25 in the same quarter a year ago.

Revenue from coconut products came to 246 million rupees in the quarter, while tea brought in 32 million and organic products 12 million rupees.

"The coconut sector performed strongly with most international markets generating robust results," Coco Lanka executive director Shamindra Rajiyah said in a statement accompanying the provisional accounts.

But the company's tea exports were affected by the global recession.

"The organic business showed promise and we expect the rewards of our ground work in this quarter in the future," Rajiyah said.

"Moderation of energy cost and improved working capital management also helped boost group performance."

Rajiyah s