Sri Lanka Mackwoods Energy profits down 24-pct

Dec 02, 2012 (LBO) – Profits at Sri Lanka’s Mackwoods Energy, a hydropower company fell 24 percent in the six months ending September 2012, with flat revenues and higher operating expenses, interim accounts showed. Profits fell despite 20 million rupees in other income. The firm has 252 million rupees in short term investments.

The firm reported earnings of 31 cents per share for the six months, in accounts filed with the Colombo Stock Exchange.

Mackwoods Energy has reported half yearly accounts. The firm is listed on Colombo Stock Exchange’s second board, as it failed to meet minimum public float requirements of the main board following an initial public offer that raised 350 million rupees.

Sri Lanka experienced dry weather during the first half of 2012, but rainfall has picked up since the third quarter.

The firm said revenues fell 2.1 percent to 128 million rupees in the six months to September from a year earlier, while cost of sales surged 53 percent to 92 million rupees, leaving gross profits down 49 percent to 35 million rupees.