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| Sunday, 10 July 2005 |
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Namanukula Plantations records Rs. 17m profit after tax Namanukula Plantations Ltd (NPL) under the John Keells umbrella, recorded a profit after tax of Rs 17 million for the year ended March 2005 as against a profit of Rs 23 million during the financial year ended March 2004. The company's principal activities are cultivation, manufacture and sale of tea, rubber, coconut, oil palm, cinnamon and other minor crops. In addition to estate crops the company also purchases green leaf and latex from smallholders. The company's estates and factories are in and around Badulla, Kalutara, Galle and Matara. Revenue for the year ended March 2005 was Rs 1.5 billion and for the previous year, Rs 1.3 billion. Cost of sales and operating profit for the year in review is Rs 1.4 billion and Rs 73 million, while for the previous financial year, the cost of sales was Rs 1.4 billion and operating profit was Rs 67.9 million. The company went for an IPO in 1997, selling shares at Rs 20 each, since, no dividends had been paid to shareholders. Last week, NPL shares traded at Rs 12.25. Chairman Lintotawela told shareholders that the newly planted oil palm came under the initial rounds of harvesting, recording 3.5 to 4 tonnes per hectare. The company planted 1,000 hectares of oil palm in 2000 and 2001. When these plantations reach maturity a production of 20,000 tonnes could be expected by 2012. Crude palm oil prices fluctuated between USD 325 to 400. The construction of the 10-tonne crude palm oil mill in collaboration with Agalawatte and Elpitiya plantations is scheduled for completion in September 2005 and will add significant income to the company through value addition, Lintotawela said. For the Southern Highway, 117 hectares have been gazetted for acquisition and Rs 50 million has been so far received as compensation. Payment of compensation is continuing to proceed at snail's pace, shareholders were told. EL. |
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