Raigam invests Rs. 28 m on Southern Salt firm

Raigam Wayamba Salterns Plc said yesterday it has invested Rs. 28 million for 2.8 million shares in its fully owned subsidiary Southern Salt Company Ltd.

The Company’s shares yesterday closed 10 cents down to Rs. 4.20 whilst they touched an intra-day high of Rs. 4.30 with 0.29 million shares traded.

In the first half of 2010/11 financial year Group revenue amounted to Rs. 147 million, up from Rs. 121 million a year earlier. However net profit was Rs. 17 million, down from Rs. 33.2 million in the first half of 2009/10 financial year. Higher selling and distribution expenses and administrative expenses were the main reasons for dip in profit.