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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » 20-Nov-2012 Interim financial statements 30-09-2012

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

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sriranga

sriranga
Co-Admin
ASCOT HOLDINGS
http://www.cse.lk/cmt/upload_report_file/401_1353406333.pdf

C T HOLDINGS
http://www.cse.lk/cmt/upload_report_file/503_1353407882336.pdf

HUEJAY INTERNATIONAL INVESTMENTS
http://www.cse.lk/cmt/upload_report_file/623_1353406412.pdf

Interim Financial Statements for the period ended 30-09-2012 have been uploaded on the CSE website.

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

220-Nov-2012 Interim financial statements 30-09-2012  Empty CT Holdings PLC - Operational Review Tue Nov 20, 2012 5:39 pm

sriranga

sriranga
Co-Admin
CT Holdings PLC is pleased to present the interim financial statements for the six months ended 30th September 2012. These financial statements are provisional subject to audit.

The convergence of the external economic environment and domestic realities had an adverse effect on expected performance. Increasing operating costs, a perceptible slow-down in consumer spending levels, increasing borrowing costs and difficulties experienced in sourcing reasonable-cost debt funds for committed capital projects all posed challenges during this period.

Overall, top line growth and growth at gross profit (GP) and profit before interest and tax (PBIT) level were sustained albeit
at reduced levels. Group Revenue for the quarter grew by 17% while GP and EBIT grew by 21% and 18% respectively. However, the
substantial increase in the interest cost burden impacted down profitability, resulting in a decline in Net Profit.

Transaction growth in the Retail & Wholesale Distribution segment was below expectation while a decline was observed in the consumption of branded Fast Moving Consumer Goods (FMCG). The trend was more evident in the urban markets than in the regions. Despite these set-backs, the sector turnover during the six months period saw an increase of 19.0% to reach Rs 23.99 Billion. Retail, Restaurants and FMCG combined recorded an overall growth in PBIT of 20.5% for the six months period. However profit-after tax for the period has declined by 34% to Rs 312.8 Million due to the increase in interest cost.

The performance of the Industrial Goods segment has been below expectations. The decline experienced in the construction sub-sector is attributed to the rise in interest costs and hikes in the price of construction material such as cement. Lanka Walltiles has expanded capacity from 4,500 to 7,500 sqm per day while Lanka Floortiles has taken its capacity from 9,500 sqm per day to 13,500 sqm. However the demand drivers for the wall tiles segment have weakened leading to the drop in profitability. Profit after tax from Ceramic and Tiles reached Rs 191.83 Million for the first half, which is 24% below the corresponding period. It is likely that market demand would continue to be sluggish for the remaining part of the year. The packaging sector maintained its turnover and profitability.


The plantation sector reports a profit–after–tax of Rs 88.28 Million, well above the previous year, which was affected by low tea prices, wage increases and gratuity top ups. Although global prices of rubber have declined during the period Tea export earnings rebounded during the year on the back of global supply shortfalls. The devaluation of the rupee against major currencies also positively impacted revenue.

The period saw the Real Estate sector taking a landmark step for the Group by entering into a conditional Share Purchase and Joint Venture Agreement with Singapore based Edmonton Pte Ltd, a subsidiary of Keppel Land. The S$ 70 Million venture would see the Group’s investment property portfolio accruing substantial value while the performance of the mall management segment under C T Land Development also holds the sector in good stead. We are presently in the planning stages for the development of the Boralesgamuwa property while the land sales of the Township at Piliyandala continues at a steady pace easing the debt burden of the sector. Group continues to actively pursue further investments and partnerships in this sector. Meanwhile the development of the Jaffna shopping Mall is keeping good time and is due to open to the public in the latter part of this financial year.

The Entertainment segment of the Group reports a good performance with the four screens at Majestic City including a second 3-D cinema screen attracting larger crowds. The mall in Jaffna will also have 3 screens which would further boost this sector performance.

C T Holdings is strategically positioned in key sectors of the economy and the approach of the Group to expansion and diversification is calculated to yield optimum value in the long term. However due consideration is being given to the challenging market conditions, recent macro-economic trends and local fiscal and tax policy changes. The Group will continue its focus on further strengthening the core businesses while reviewing our future expansion plans in the context of the holistic environment.

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

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