Sunshine Holdings generates income of Rs 5.2 billion

Financial News from Sri Lanka: Lower performance in the consumer goods and agribusiness industries has pushed back the top-line performance development of Sunshine Holdings PLC during the first quarter of the present economic year (1QFY20), with a consolidated income of Rs. 5.2 billion reported by the diverse Sri Lankan conglomerate, down 6.5 percent YoY.
The decline of the two company industries, however, was partially offset by the solid performance of the healthcare industry of the Group.
Profit after tax (PAT) for the period under review risen by 67.9 percent to Rs. 573 million and profit margins also increased to 11 percent compared to last year (1QFY19)6.1 percent, primarily owing to the profit obtained from the sale to Lotus Renewable Energy Group of its tea plantation company Hatton Plantations PLC.
Profit after tax and minority interest (PATMI) risen with the agribusiness industry by 75.7 percent to Rs. 333 million, making the biggest contribution to PATMI, representing 28 percent of the total. The healthcare industry of the group appeared as the biggest contributor to Sunshine’s revenue, representing 44% of total income, where agribusiness contributed 25% and consumer 23% of total income. Net Asset Value per share risen to Rs.53.76 over the period under review, compared with Rs 48.09 at the end of 1QFY19. Sunshine Holdings Group Managing Director Vish Govindasamy commented on the economic results of the group, “In the aftermath of the lethal Easter Sunday assaults, the consumer goods and retail industries in Sri Lanka were significantly impacted.”