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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Jumping Ship !

Jumping Ship !

Go down  Message [Page 1 of 1]

1Jumping Ship ! Empty Jumping Ship ! Mon Aug 12, 2013 10:20 pm

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I am seriously considering jumping ship.
GLAS has given me reasonable returns but now I am seriously contemplating of leaving that counter and invest that money in a truly Sri Lankan counter like RICH.
The reason being that I feel the Indian management is siphoning off most of the profits on the pretext of technical expertise rendering there.

2Jumping Ship ! Empty Re: Jumping Ship ! Mon Aug 12, 2013 10:31 pm

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
Correct, but be careful with Rich

3Jumping Ship ! Empty Re: Jumping Ship ! Tue Aug 13, 2013 2:14 am

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
@Kithsiri wrote:I am seriously considering jumping ship.
GLAS has given me reasonable returns but now I am seriously contemplating of leaving that counter and invest that money in a truly Sri Lankan counter like RICH.
The reason being that I feel the Indian management is siphoning off most of the profits on the pretext of technical expertise rendering there.
Mate where did you find that "technical expertise" thing? i checked the quarter report, but couldn't find anything like that, could you please post the link which has the technical "expertise" thing.

4Jumping Ship ! Empty Re: Jumping Ship ! Tue Aug 13, 2013 10:12 am

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
Go & check annual report. You have technical fee note , its 5% of revenue. it sucks

5Jumping Ship ! Empty Re: Jumping Ship ! Tue Aug 13, 2013 10:49 am

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
@salt wrote:Go & check annual report. You have technical fee note , its 5% of revenue. it sucks
yup, just checked, u ar correct. what a piece of bull shit, how come this be allowed? It's their parent company, they are indeed supposed to offer needed help to their subsidiary. given that Both are in same business, it's rediculos for the parent company to charge a fee, it's big amount too 5% / 12.5% of the turnover, that's huge.

this cheating, they are cleverly taking out the profits without it being shared among other share holders. if they declare the profits as dividend and take it out of the company it would be shared among all share holders ne.

I think people should make this public as much as possible so that this come to light!!!!!!!!!

6Jumping Ship ! Empty Re: Jumping Ship ! Tue Aug 13, 2013 11:14 am

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
Technical Fees for 2013 - 258,516,301
Net Profit for 2013 - 724,376,500

So almost 33.3% of potential profit is lost because of the technical fee paid to parent company (5% of the turnover)

whit out the technical fee profits would have been 982.8M, now this is a BIG DIFFERENCE!!!!

hope GOSL can stop this

7Jumping Ship ! Empty Re: Jumping Ship ! Tue Aug 13, 2013 11:44 am

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@ccsentha wrote:Technical Fees for 2013 - 258,516,301
Net Profit for  2013  -  724,376,500

So almost 33.3% of potential profit is lost because of the technical fee paid to parent company (5% of the turnover)

whit out the technical fee profits would have been 982.8M, now this is a BIG DIFFERENCE!!!!

hope GOSL can stop this
Friend this is not only relevant to this, most of the companies do the same thing, see the results of the plantations companies where at times the companies reported losses due to the Management Fees, the hotel management companies do the same.

8Jumping Ship ! Empty Re: Jumping Ship ! Tue Aug 13, 2013 12:06 pm

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
@Gaja wrote:
@ccsentha wrote:Technical Fees for 2013 - 258,516,301
Net Profit for  2013  -  724,376,500

So almost 33.3% of potential profit is lost because of the technical fee paid to parent company (5% of the turnover)

whit out the technical fee profits would have been 982.8M, now this is a BIG DIFFERENCE!!!!

hope GOSL can stop this
Friend this is not only relevant to this, most of the companies do the same thing, see the results of the plantations companies where at times the companies reported losses due to the Management Fees, the hotel management companies do the same.  
but at least that has some validity as they are taking part of the management, hotel/plantation is owned by some one and another is managing it, but to take 33.3% of potential profit as technical help is ridiculous to say the least.

9Jumping Ship ! Empty Re: Jumping Ship ! Tue Aug 13, 2013 12:13 pm

K.Haputantri

K.Haputantri
Co-Admin
Most Indian managed companies do the same. Look at Taj Hotel annual report.



Last edited by K.Haputantri on Tue Aug 13, 2013 2:32 pm; edited 1 time in total

10Jumping Ship ! Empty Re: Jumping Ship ! Tue Aug 13, 2013 1:19 pm

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Remember the days when CINS total Director packages were 400m .....

11Jumping Ship ! Empty Re: Jumping Ship ! Tue Aug 13, 2013 2:23 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Typical Indian.

අල්ලපු රටේ උන් ඒ වගෙ වැඩ කරන්න කිසිම විලි ලැජ්ජවක් ඇති අය නොවේ.

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