Coco Lanka PLC has posted a strong December quarter with after-tax profits surging to Rs.16.1 million from Rs.2.6 million a year earlier. This has boosted the 9-month result to December 31, 2008 to Rs.16.6 million from Rs.6.7 million a year earlier.

The company’s Chairman, Dr. S.R. Rajiyah, reported that consolidated turnover during the nine months under review was up 8% to Rs.1.07 billion and the consolidated net profit of Rs.114.4 million was up 205% from the comparative period last year.

He reported that group total reserves stood at Rs.586 million of which Rs.419.5 million was attributable to shareholders of Coco Lanka PLC against Rs.341.4 million as at the end of the last financial year on March 31, 2008.

"The net assets per share increased to Rs.33.29 from Rs.27.10 as at March 31, 2008," Rajiyah said.

During the period under review the company had discontinued its manufacturing operations and transformed itself into a holding company for agriculture based food and beverage ventures.

Its subsidiaries are Renuka Agrifoods Ltd engaged in the manufacture and export of coconut products, Renuka Organics (Pvt) Ltd engaged in the cultivation, manufacture and export of organic products and Renuka Teas (Ceylon) Ltd engaged in the manufacture and export of tea.

"Key to our success is our international marketing further strengthened by the shareholding in Coco Lanka group companies by four internationally reputed food firms from the UK, Netherlands, Canada and Jamaica," Rajiyah said.

He was optimistic about good results in the last quarter of the current financial year but expressed the view that the impact of the global crisis will be felt in the next financial year.

"However we are mindful of our costs and at all times driving towards greater efficiency," he said.

On Thursday, over 0.4 million shares Coco Lanka was traded between Rs.20.25 and Rs.22.25 on the Colombo Stock Exchange.