Free Lanka Capital profit up on high rubber, tea prices

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COLOMBO, April 20 (LBO): Net profit of Free Lanka Capital Holdings, whose shares have been heavily traded since trading began last Monday, shot up 189 per cent to 103 million rupees in the March 2011 quarter from a year ago. Most of the profit came from its rubber and tea estates which have benefitted from surging commodity prices. Sales rose 36 per cent to 1.8 billion rupees with earnings per share for the quarter rising to 10 cents from 04 cents the previous year, according to provisional accounts filed with the stock exchange, the first for the quarter. Free Lanka Capital Holdings grows tea and rubber, managing Maturata and Pussellawa Plantations, and also generates hydropower. In the financial year ending March 31, 2011, the company's net profit rose 515 per cent to 493 million rupees with sales up 33 per cent to 6.5 billion rupees. Earnings per shares rose to 46 cents in the year from 09 cents the year before.