Sri Lanka’s LVL Energy Fund has recorded an increase in net profits
Sri Lanka’s LVL Energy Fund, which operates hydro, wind and thermal power plants, has reportedly stated that its net profit has increased 25 percent to Rs. 223 million in the September 2018 quarter from a year ago.
According to reports quoting interim accounts filed with the stock exchange, sales have increased 9.4 percent to Rs. 139 million over the same period.
Earnings per share for the quarter were 38 cents. LVL Energy Fund’s share last traded unchanged Monday at Rs. 8.10.
EPS for the six months to September 2018 was 75 cents with net profit up 37 percent to Rs. 435 million, reports state.
A statement has reportedly noted that LVL Energy Fund’s six-month profit exceeds profit of 439 million rupees for the entire financial year ended 31st March 2018.
“The company’s hydro power plants performed strongly under favourable weather conditions during the period compared to the corresponding period last year,” the statement has said.
“Power generation of wind power plants during the period was less than in the previous year due to less favourable weather conditions.”
LVL Energy Fund is a subsidiary of Lanka Ventures PLC. It operates seven hydro power projects in Sri Lanka with a total capacity of 19.4 MW and two wind power projects with an installed capacity of 15.3 MW in Kalpitiya.
The statement by LVL Energy Fund is an encouraging sign for foreign business looking at entering Sri Lanka’s power and energy sector. Foreign businesses/investors could explore investment opportunities in Sri Lanka’s power and energy sector.
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