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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » 12-Nov-2012 Interim financial statements 30-09-2012

12-Nov-2012 Interim financial statements 30-09-2012

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opfdo

opfdo
Vice President - Equity Analytics
Vice President - Equity Analytics
CRL
http://www.cse.lk/cmt/upload_report_file/863_1352719875728.pdf

CABO
http://www.cse.lk/cmt/upload_report_file/615_1352717864.pdf

TYRE
http://www.cse.lk/cmt/upload_report_file/673_1352719642142.pdf

CHOT
http://www.cse.lk/cmt/upload_report_file/545_1352712935992.pdf

KAHA
http://www.cse.lk/cmt/upload_report_file/710_1352718503859.pdf

LIOC (Massive improvement)
http://www.cse.lk/cmt/upload_report_file/729_1352710947607.09.2012%20-%20CSE.tif.pdf

ASHO
http://www.cse.lk/cmt/upload_report_file/695_1352717562.pdf

TILE good performances
http://www.cse.lk/cmt/upload_report_file/677_1352718644133.pdf

MRH
http://www.cse.lk/cmt/upload_report_file/563_1352717551804.pdf

NHL
http://www.cse.lk/cmt/upload_report_file/980_1352717488.pdf

PMB
http://www.cse.lk/cmt/upload_report_file/405_1352711626004.09.2012.pdf

RCL
http://www.cse.lk/cmt/upload_report_file/683_1352718858600.09.2012.pdf

RENU
http://www.cse.lk/cmt/upload_report_file/569_1352718532756.pdf

KCH
http://www.cse.lk/cmt/upload_report_file/547_1352717634.pdf

sriranga

sriranga
Co-Admin
Lanka Ashok Leyland posted a net profit for the first six months of Rs 473.9 mn, down 49 % over the corresponding period in 2011/2012.

This is despite total revenue remaining at Rs 7 bn for the six months ending September 30, 2012, similar to the previous corresponding period. The main proponents to the sluggish performance are the severe cost pressures stemming from large foreign exchange losses and finance costs.

The currency depreciation earlier this year and the high interest rates at present continue to adversely affect the bottom line going into the third quarter of the fiscal year,” said Umesh Gautam, CEO, Lanka Ashok Leyland.

Administrative costs jumped 132 % to Rs194.5 mn from Rs 83.7 mn over the previous first six months, which is largely reflected by exchange rate losses over other expenses. Despite Selling and Distribution Expenses reducing by 47 % and other expenses remaining flat over the corresponding period, these are dwarfed by administrative costs which make up over 90 % of total operating costs for the company. As a result, the operating profit was down 42 % to Rs 546 mn from Rs 942.9 mn for the same period in 2011.

The finance cost grew by 436 % to Rs 72.2 mn for the first 6 months compared to Rs 13.4 mn in the previous corresponding period.

The total interest cost for full fiscal year of 2011/2012 was only Rs17.8 mn. Contribution to the government fell to Rs 132.7 mn accordingly. Notably on the balance sheet, inventories have increased over 290 % for the first six months of 2012 over the same period in 2011. Short term borrowings have increased significantly by 387 % to Rs 4.1 bn directly resulting in the significant increase in the finance cost.

Umesh Gautam explains, we forecasted things getting worse before they began to improve at the start of our fiscal year so as much as it is not surprising, we can’t avail ourselves of the magnitude of our economic position. Firstly as mentioned earlier, demand for our product has and continues to be strong. That position has not changed, however what has affected is the high interest rates and the general dearth in liquidity in the market that has become a stumbling block for customers. With regard to the exchange rate, we are still taking on losses despite the currency losing some of the volatility that plagued it earlier in the year. There is a limit to how frequently price can be revised of our product to reflect currency fluctuations.

Combine this with the fact that funding has become harder and costlier for our customers and most of them have had to wait to receive their products; it would not have been fair on them. Despite further exchange rate losses, this will be mitigated over time if the currency finds a sustainable equilibrium to the dollar.

Gautam is very confident and maintains that our finance cost is a matter of temporary concern we foresaw earlier and we will be able retire our short term borrowings at an accelerated pace once availability of money in the economy improves and interest rates start to drop.
http://www.dailynews.lk/2012/11/13/bus05.asp

http://sharemarket-srilanka.blogspot.co.uk/

sriranga

sriranga
Co-Admin
Nov 12, 2012 (LBO) - Lanka IOC, a unit of Indian Oil Corporation said profits in the September 2012 quarter rose 327 percent from a year earlier, partly helped by foreign exchange gains.

The firm reported earnings of 2.22 rupees per share. In the six months to September the firm reported earnings of 2.58 per share on total profits of 1.37 billion rupees in interim accounts filed with the Colombo Stock Exchange.

Revenues grew 58 percent to 20.1 billion rupees, expenses grew 18.6 percent to 56.3 billion rupees and gross profits grew 93 percent to 1.57 billion rupees.

The firm also reported 112 million rupees in foreign exchange gains.

Lanka IOC was filing quarterly earnings under Sri Lanka new accounting standards.

Sri Lanka raised retail oil prices in February 2012 after manipulating prices over the previous year helping trigger a balance of payments crisis.

In Sri Lanka while petrol is excessively taxed, diesel is sold at a lower price, despite being more expensive to import than petrol.

Lanka IOC can cut losses from diesel sales by raising prices, which drives part of the demand to its main competitor, state-run Ceylon Petroleum Corporation.

Lanka IOC also sells, lubricants and bunkers for ships.
http://lbo.lk/fullstory.php?nid=1658883874

http://sharemarket-srilanka.blogspot.co.uk/

speculater

speculater
Senior Equity Analytic
Senior Equity Analytic
Thanks

malanp


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Thank you .

612-Nov-2012 Interim financial statements 30-09-2012 Empty Sri Lanka CEAT tyre JV profits up 95-pct Tue Nov 13, 2012 8:05 pm

sriranga

sriranga
Co-Admin
Nov 13, 2012 (LBO) - Profits at Sri Lanka's Kelani Tyres, which has a joint venture facility with India's CEAT rose 95 percent to 130 million rupees in the September 2012 quarter on widening margins, though volumes were flat.

The group reported earnings of 1.62 rupees per share for the quarter.

For the six months ending September it reported earnings of 2.63 rupees per share on total profits of 211 rupees which rose from 85 million rupees a year earlier in accounts filed with the Colombo Stock Exchange.

The firm said it produced 3,837 metric tonnes of tyres in the quarter, up from 3,750 a year earlier. But sales fell slightly to 3,882 metric tonnes from 3,901 metric tonnes a year earlier.

In the budget for 2013 presented last week, Sri Lanka's rulers raised taxes on imported car and light truck tyres.

Kelani Tyres said revenues rose 14.49 percent to 1,350 million rupees, and expenses rose at a slower 4.35 percent allowing gross profit to grow 57 percent to 353 million rupees.
http://lbo.lk/fullstory.php?nid=1151699384

http://sharemarket-srilanka.blogspot.co.uk/

712-Nov-2012 Interim financial statements 30-09-2012 Empty Sri Lanka Royal Ceramic net down 15-pct Tue Nov 13, 2012 8:06 pm

sriranga

sriranga
Co-Admin
Nov 13, 2012 (LBO) - Sri Lanka's Royal Ceramic Plc, a group which makes tiles and toilet fittings said profits fell 15 percent to 420 million rupees in the September 2012 quarter, from a year earlier.

The group reported earnings of 3.79 rupees per share. In the six months to September the group reported earnings of 4.48 rupees per share in accounts filed with the Colombo Stock Exchange.

Royal Ceramics said net revenues rose 5.5 percent to 1.8 billion rupees and cost of sales rose at a faster 7.7 percent to 935 million rupees, allowing gross profits to grow at a slower 3 percent to 865 million rupees.

Associate company profits rose to 143 million rupees from 16.9 million rupees.

The state raised taxes on toilet fittings and ceramic goods this year, making house building more expensive to citizens, but giving more tax arbitrage profits to ceramic industrialists.

Sri Lanka's ceramic tile makers are no longer efficient enough to compete in export markets.

In February prices of kerosene which was previously heavily subsidized and used by the ceramic industry was also market priced.
http://lbo.lk/fullstory.php?nid=1817569737

http://sharemarket-srilanka.blogspot.co.uk/

Tiger

Tiger
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
cheers

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