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198 listed firms report consolidated profit of Rs. 30.2bn, down 17%
198 of the 285 listed entities have published their performance for 1QFY13 to exhibit a 17 percent dip to a cumulative of Rs. 30.2 billion, Softlogic Equity Research (SER) said yesterday (16).
" The depreciating exchange rate environment is said to have had a bad hit on many companies as they eat out earnings in terms of exchange losses, wider outflow to service charge on foreign loans and higher import costs. Exporters would be a direct beneficiary in this exchange rate environment but export oriented entities listed on CSE are minimal and firms’ with overseas operations. Decline in performance in the heavy index such as Bukit Darah and Carsons Cumberbatch have weighed on the market. CSE still continues to be an attractive pick amongst the emerging markets as proved by the recent foreign interest," it said.
SER also went on to say that "increasing interest rates continued to haunt the bourse as it lacks buying power" with all three indices closing in the red yesterday.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=59340
198 of the 285 listed entities have published their performance for 1QFY13 to exhibit a 17 percent dip to a cumulative of Rs. 30.2 billion, Softlogic Equity Research (SER) said yesterday (16).
" The depreciating exchange rate environment is said to have had a bad hit on many companies as they eat out earnings in terms of exchange losses, wider outflow to service charge on foreign loans and higher import costs. Exporters would be a direct beneficiary in this exchange rate environment but export oriented entities listed on CSE are minimal and firms’ with overseas operations. Decline in performance in the heavy index such as Bukit Darah and Carsons Cumberbatch have weighed on the market. CSE still continues to be an attractive pick amongst the emerging markets as proved by the recent foreign interest," it said.
SER also went on to say that "increasing interest rates continued to haunt the bourse as it lacks buying power" with all three indices closing in the red yesterday.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=59340
