First Capital Holdings PLC recorded a consolidated profit after tax of Rs. 176 million for the quarter ended June 30,2015.
Consequent to the policy rate reductions in April 2015 the company's structuring and placement arm First Capital Limited, which specialises in mobilised listed debentures, asset backed securitisations and commercial papers, successfully generated a fee income of Rs. 27 m during the period under review (2014/15 - Rs. 13m).
While the group's primary dealer First Capital Treasuries Limited realised a trading gain of Rs. 77 m for the quarter,capitalising on prevailing market conditions.
"While we are pleased with our performance to date, we seek to transform the prevailing macro-economic factors to our favour. The Group will continue to build on the current growth momentum across all its subsidiary businesses while expanding on corporate advisory and broader investment banking services," CEO Dilshan Wirasekara said.
Meanwhile during the first half of the financial year 2015/16, the group's Wealth Management and Unit Trust, First Capital Asset Management Limited, reflected a growth of Rs. 2.9 b, increasing the division's total assets under management to Rs. 7.1b With a return of 13.13% for the year ended June 30,2015, First Capital Wealth Fund continuing its steady performance.
Consistent with the mixed performance of the Colombo Stock Market, as foreign participants exited the market due to political uncertainty the Stockbroking division First Capital Equities (Private) Limited saw lower trading volumes resulting in lower broking income.
The company divested its 25% stake in Orient Finance PLC resulting in a capital gain of Rs. 27.5 m for the quarter. The investment realized a total gain of Rs 260.8 m, including gains recorded in the previous financial year amounting to Rs. 233.3 m.
Courtesy: Daily News 26 August 2015