Sri Lanka’s Sunshine Holdings net up 85-pct in June


ECONOMYNEXT – Sri Lanka’s Sunshine Holdings Plc, said its profit grew 85 percent from a year earlier to 1.04 billion rupees in the June 2022 quarter helped by the healthcare and consumer sectors.

The group reported earnings of 2.12 rupees for the quarter.

Gross profits rose 41 percent to 3.5 billion rupees in the quarter, with revenues up 59 percent to 11.7 billion rupees and cost of sales up 69 percent to 8.2 billion rupees.

Net finance costs fell 131 percent to 12.6 million rupees.

In the six months to June healthcare sector revenues rose 45.9 percent to 5.8 billion rupees and made after tax profits of 432 million rupees, Group Managing Director Vish Govindasamy said.

“Pharmaceuticals segment witnessed panic buying for chronic care products during 1QFY23 and the demand for wellness and covid related products were challenged,” Govindasamy said.

“Medical devices segment had revenue growth owing to price increases despite the pressure on volume due to lower occupancies at Hospitals and reduced demand for lab tests.”

Its Healthguard retail chain had been affected by footfalls due to a drop in demand for wellness products as consumers bought only essentials.

Consumer goods revenues rose 109 percent to 2.9 billion rupees. After tax profits rose 384 percent to 235 million rupees.

“The local business faced challenges mainly due to disruption in distribution owing to social unrest and fuel shortages,” he said.

“Tea category experienced a volume contraction in 1QFY23 compared to 1QFY22 While the Confectionery category revenue grew significantly, supported by price increases.”

Agribusiness after tax profits had risen by 734 million.

“The EBIT decreased by 27 million (3.5% contraction YoY) owing to increased cost of bought crop and reduction in crop volumes YoY. Reduction in the crop is due to the unavailability of fertilizer for the last two years.”

The dairy business recorded a net loss of LKR 40 million in 1QFY23 compared to a net profit of 18 million during the same quarter last year.

“Net loss in dairy is mainly stemming from increased feed cost, despite the increase in farm gate price.”


You may also like


A war of words erupted between Opposition Leader Sajith Premadasa and Minister Prasanna Ranatunga in Parliament today. The heated exchange took place over the detention of the convener of the Inter University Students’ Federation Wasantha Mudalige and tow others.


Summons have been issued on State Minister Sanath Nishantha by the Court of Appeal to show cause over the contempt of court charges levelled against him. The Court of Appeal has ordered State Minister Sanath Nishantha to appear in court on 13th October. The summons were issued after considering a petition filed against the State […]


The Department of Railways says that a part of the Kelani Valley railway line will be closed due to maintenance work.


Opposition Member of Parliament Kabir Hashim has been elected as the new Chairman of the Committee on Public Accounts (COPA). He was unanimously elected to the post by the members of the committee today. MP S. B. Dissanayake proposed his name as the Chairman of the Committee and was seconded by Member of Parliament Niroshan Perera. […]


Football Australia (FA) have issued a lifetime ban to a spectator for making “a fascist salute or similar gesture” during the Australia Cup final. FA said it “strongly condemns the actions of a small minority” of Sydney United 58 fans at Saturday’s game. The immediate ban from FA-sanctioned games comes after an FA investigation into […]


The US’s decision to send more military aid to Ukraine “increases the danger of a direct military clash” between Russia and the West, Moscow has warned. Russia’s ambassador to the US, Anatoly Antonov, said it was an “immediate threat” to Moscow, describing the US as “a participant of the conflict”. Earlier, the US announced another […]

Entertainment:View All

Technology:View All

Local News

Local News

Sri Lanka News

@2022 - All Right Reserved. Designed and Developed by Rev-Creations, Inc