ERI was a standalone company in 2009, but later turned into a group after acquiring Ceylon Leather Products, a struggling shoe manufacturer, and a stock brokering firm.
During the same period last year ERI group made a loss of 2.7 million rupees.
In the June 2010 quarter the group had sales of 272 million rupees and a sales cost of 140 million rupees, which was not there in the same period last year.
The group made gross profit of 132 million rupees, its interim results showed.
In the June quarter ERI's administration costs rose to 53 million rupees. During the same period last year it was 3.8 million rupees as the group at that time had not acquired CLPL and the brokering unit.
The group's gross assets rose 1,911 percent to 7.68 billion rupees, mainly from cash generated from a rights issue with warrants attached.
On August 03, ERI group securities were subjected to a trade halt by the Securities and Exchange Commission as the regulator looked into suspicions of share price manipulation.
The trade halt was lifted on August 05, and replaced with a daily 10 percent upward and downward price band on the market to curtail unusual price swings and heavy trading in certain stocks.
The move followed unusual price swings and heavy trading in certain stocks including ERI warrants.
source - www.lbo.lk
1 comment:
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