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Sri Lanka’s Carsons hit by falling palm oil prices; forex losses
August 03, 2012 (LBO) – Sri Lanka’s Carson Cumberbatch PLC, with investments ranging from oil palms and beer to financial services, said falling palm oil prices and exchange rate losses have hurt its bottomline during the June quarter.
During the first quarter of this year, group revenues rose to 19.7 billion rupees from 12.7 billion rupees in the same period 2011, the group said in a stock exchange filing on Thursday.
Pre-tax profits dived to 634.3 million rupees in the June quarter of 2012, from 6.8 billion rupees reported in the same quarter a year earlier.
Net profits slipped to 27.3 million rupees from 5.7 billion rupees in the June quarter of 2011.
Carsons said its core business has not been eroded in anyway.
“Quarter earnings were hit by falling palm oil prices by seven percent year-on-year, drop in palm production of 11 percent year-on-year due to weather conditions, export duty changes in Indonesia affecting oils and fats segment of the industry operating in Malaysia,” the statement said.
A weak Indonesian Rupiah and the Sri Lankan rupee against the US dollar also hurt the bottomline, the group said.
Carsons also saw a drop in mark-to-market valuation due to fall in Colombo Stock Exchange during the quarter under review.
Carson’s stock closed up 2.40 rupees on Thursday to 452.40 rupees. The disclosure was made after trading hours.
http://lbo.lk/fullstory.php?nid=175152506
August 03, 2012 (LBO) – Sri Lanka’s Carson Cumberbatch PLC, with investments ranging from oil palms and beer to financial services, said falling palm oil prices and exchange rate losses have hurt its bottomline during the June quarter.
During the first quarter of this year, group revenues rose to 19.7 billion rupees from 12.7 billion rupees in the same period 2011, the group said in a stock exchange filing on Thursday.
Pre-tax profits dived to 634.3 million rupees in the June quarter of 2012, from 6.8 billion rupees reported in the same quarter a year earlier.
Net profits slipped to 27.3 million rupees from 5.7 billion rupees in the June quarter of 2011.
Carsons said its core business has not been eroded in anyway.
“Quarter earnings were hit by falling palm oil prices by seven percent year-on-year, drop in palm production of 11 percent year-on-year due to weather conditions, export duty changes in Indonesia affecting oils and fats segment of the industry operating in Malaysia,” the statement said.
A weak Indonesian Rupiah and the Sri Lankan rupee against the US dollar also hurt the bottomline, the group said.
Carsons also saw a drop in mark-to-market valuation due to fall in Colombo Stock Exchange during the quarter under review.
Carson’s stock closed up 2.40 rupees on Thursday to 452.40 rupees. The disclosure was made after trading hours.
http://lbo.lk/fullstory.php?nid=175152506
Last edited by GMNet on Fri Aug 03, 2012 8:18 am; edited 1 time in total (Reason for editing : Excess space removed)
