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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka LOLC March net up three fold

Sri Lanka LOLC March net up three fold

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1Sri Lanka LOLC March net up three fold Empty Sri Lanka LOLC March net up three fold Sat Jun 02, 2012 10:03 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
June 02, 2012 (LBO) - Sri Lanka's LOLC group, which has interest ranging from financial services, property, leisure and plantations, posted net profits in the March 2012 quarter rose 232 percent to 1.99 billion rupees, helped by strong other income and fair value gains.

The firm reported earnings of 4.19 rupees per share for the quarter, in interim accounts filed with the Stock Exchange. The stock closed at 28.70 rupees, up 40 cents Friday.

In the year to March the group reported earnings of 13.42 rupees per share on profits of 6.3 billion rupees, which was up 66 percent.

In the March quarter gross revenues grew 70 percent to 5.0 billion rupees, cost of sales grew at a faster 104 percent to 2.8 billion rupees and gross profits rose at a slower 39 percent to 1.56 billion rupees.

March quarter profits were helped by fall in unspecified other operating expenses to 1.2 billion rupees from 2.1 billion rupees a year earlier and a 251 million rupees fair value gain.

Personnel costs rose to 1.5 billion rupees from 522 million a year earlier, and the group also provided 583 million rupees for bad debts, up from 323 million rupees a year earlier.

The group said annual profits were helped by a 3.8 billion rupee profits on the sale of a 10 percent stake in Lanka Orix Finance, and Commercial Leasing and Finance Company.

One of its units, Browns Investments Plc, had also recognized 2.6 billion rupees in negative goodwill after valuing a leasehold land it had acquired.

Negative goodwill of 238 million rupees had also been recognized over other acquisition of Dikwella Resorts (Pvt) Ltd, a hotel firm in December, and 41 million rupees after increasing the group stake in Taprobane Capital Ltd.

In February, negative goodwill of 10 million rupees had been recognized after a 51 percent stake in Ajax Engineers, an aluminum company was bought through another unit, Browns Investments.

In the year to March, the group said financial services made 7.39 billion rupees in profits, insurance lost 70 million rupees, trading made 658 million rupees and plantations made 222 million rupees.

Leisure made 2.3 billion rupees helped by 2.8 billion rupees of negative goodwill after making a 534 million rupees operating loss and power lost 61 million rupees.

By end March 2012, group gross assets rose to 145 billion rupees from 111 billion rupees. Net assets grew to 43 billion rupees from 37.0 billion rupees.
http://lbo.lk/fullstory.php?nid=591985859

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