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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Interim Financial Statements 31-03-2013 - DIST

Interim Financial Statements 31-03-2013 - DIST

Go down  Message [Page 1 of 1]

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
http://www.cse.lk/cmt/upload_report_file/463_1369998791783.pdf

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Looks like “Gal” n “Pol” done better than the rest of the group

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
Commercial High Court of Western Province (Colombo Civil) issued a winding-up order of Pelwatte Sugar Industries PLC on 13th March 2013. The Court has appointed P.E.A. Jayewickreme and G.J. David, Chartered Accountants and the partners of SJMS Associates as the Liquidators.

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@UKboy wrote:Looks like “Gal” n “Pol” done better than the rest of the group

Friend is this due to this or

5. Restructuring of Strategic Investments During the year ended 31 March 2013, the Company structured its Investments held in following companies into its fully own subsidiary Melstacorp Limited. As a result a capital gain of Rs. 3,668 Mn (in Quarter 1–Rs. 1,582mn, Quarter 2 Rs. 2,086mn) was recognized under Investment and Other Income of the Company.




Balangoda Plantations PLC – Subsidiary,
Browns Beach Hotels PLC- Subsidiary
Madulsima Plantations PLC- Associate
Aitken Spence PLC- Associate

balapas


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
There is a similar situation on DIST B/SH. Other Long term Investments has gone up from 638mn to 14.5bn an increase by 22x. I looked at the previous annual report to see the note to this and it lists the quoted and unquoted investments are under this. (mostly investments in shares). Did they make a new investment in shares or something else within last 3 months? The net asset per share has jumped up due to this. You can see a similar scenario on LMF as well so something to do with Harry's companies.



Last edited by balapas on Sat Jun 01, 2013 6:10 pm; edited 1 time in total (Reason for editing : Add more information)

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Gaja wrote:
@UKboy wrote:Looks like “Gal” n “Pol” done better than the rest of the group

Friend is this due to this or

5. Restructuring of Strategic Investments During the year ended 31 March 2013, the Company structured its Investments held in following companies into its fully own subsidiary Melstacorp Limited. As a result a capital gain of Rs. 3,668 Mn (in Quarter 1–Rs. 1,582mn, Quarter 2 Rs. 2,086mn) was recognized under Investment and Other Income of the Company.




Balangoda Plantations PLC – Subsidiary,
Browns Beach Hotels PLC- Subsidiary
Madulsima Plantations PLC- Associate
Aitken Spence PLC- Associate

You are absolutely correct Gaja. I missed that other income bit of the company from report.

sriranga

sriranga
Co-Admin
June 03, 2013 (LBO) - Distilleries Company of Sri Lanka, which has interests in alcohol, insurance, plantations and telecoms reported profits of 968 million rupees in the March 2013 quarter, down 62 percent from a year earlier.

The group reported earnings of 3.23 rupees per share in accounts filed with the Colombo Stock Exchange. In the full year profits were down 2.7 percent to 5.5 billion rupees, giving earnings of 18.40 rupees per share.
The stock closed at 203.40 rupees up 30 cents.

In the March quarter, gross revenues rose 2.1 percent to 15.8 billion rupees.

Net revenues (less turnover based taxes) rose 20 percent to 7.6 billion rupees, but cost of sales rose at a faster 28.6 percent to 5.1 billion rupees, allowing gross profits to grow a slower 5.8 percent to 2.5 billion rupees.

Investment income rose 95 percent to 493 million rupees but administrative expenses rose 56 percent to 988 million rupees, shrinking operating profits 34 percent to 1.5 billion rupees.

Last year's profits were boosted by other operating gains of 833 million rupees (10 million this year) and profits from associate companies of 1.0 billion rupees (487 million rupees this year.

At the core alcohol firm gross revenues fell 1.1 percent to 12.7 billion rupees. Net revenues rose 11.5 percent to 4.46 billion rupees, but expenses rose 35 percent to 3.2 billion rupees, shrinking gross profits 23 percent to 1.2 billion rupees.

In the full year, the group said it had profits of 6.7 billion rupees (up from 6.6 billion rupees) from beverages with revenues growing from 52.9 billion to 56.4 billion rupees.

Plantations brought 110 million rupees in profits up from 24.9 million rupees a year earlier and telecoms lost 159 million rupees, against a profit of 93 million rupees a year earlier. A diversified category saw profits falling to 455 million rupees from 817 million rupees.
http://www.lankabusinessonline.com/news/sri-lanka-distilleries-group-net-down-60-pct-in-march/1601838434

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

Stewie


Stock Trader
Nothing to do with Harry.
International Accounting standards 32/39 were adopted in SL effective Marchc 2013 reporting requiring equity investments that are not subsidiaries or associates to be carried at market value instead of the previously allowed practice of carrying at cost.
Accordinlgy all most all companies complying with the new madotory requirement resulting in massive gains on their legacy investments acquired at very low historical prices.
CFLB group companies such as Colonial Motors, CIT, CFI, and Disti companies such as LMF are now correctly showing the hidden values they always carried in their balance sheet.
RENU which also should be showing massive gains has still failed to adopt the new standard therefor technically non compliant. Will have to do so in due course.

balapas


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Stewie wrote:Nothing to do with Harry.
International Accounting standards 32/39 were adopted in SL effective Marchc 2013 reporting requiring equity investments that are not subsidiaries or associates to be carried at market value instead of the previously allowed practice of carrying at cost.
Accordinlgy all most all companies complying with the new madotory requirement resulting in massive gains on their legacy investments acquired at very low historical prices.
CFLB group companies such as Colonial Motors, CIT, CFI, and Disti companies such as LMF are now correctly showing the hidden values they always carried in their balance sheet.
RENU which also should be showing massive gains has still failed to adopt the new standard therefor technically non compliant. Will have to do so in due course.

Thanks Stewie for the explanation.

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