Sri Lanka Hemas Power hit by forex losses

Chandi Dharmaratne

May 22, 2012 (LBO) – Sri Lanka’s Hemas Power, a unit of listed Hemas Holdings said profits in the March 2012 quarter fell 78 percent to 24 million rupees amid as it was hit by foreign exchange losses. The firm reported earnings of 16 cents for the quarter in interim acconts. In the year to March 2012 the firm reported earnings of 1.97 rupees.

Hemas Power, which has thermal and hydro generating capacity said revenues in the March 2012 quarter rose 46 percent to 1,360 million rupees and costs rose 57 percent to 1,224 million rupees.

Gross profit fell 10 percent to 136 million rupees.

The firm was hit by a 57 million rupee forex loss in the March 2012 quarter. The rupee fell from around 110 to 130 levels in the period.

In the year to March the firm said thermal generation brought 186 million rupees in profits down from 238 million a year earlier.

Hydro generation brought 96 million rupees in profits, down from 187 million a year earlier as revenues fell from 239 million rupees to 145 million rupees.