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Monday, January 17, 2011

Sri Lanka Asia Capital returns to profit Dec quarter

Jan 17, 2011 (LBO) - Sri Lanka's Asia Capital group which has interests in stock brokering investment banking and insurance said it made 336 million rupees in profits in the December 2010 quarter, against a loss of 11.7 million rupees a year earlier.

The group posted revenues of 667.2 million rupees in the December quarter up 144 percent from a year earlier.

Other operating income rose 858 percent to 460 million in the quarter.

The firm said on August 19 (September quarter) it had sold a stake in Capital Reach, a leasing firm for 299.5 million rupees. On the same date it had bought 6.0 million shares in Asian Alliance Insurance, which made the associate firm a full subsidiary.

On August 23 Asia Capital had bought a further 1.29 million shares for 74 million rupees. In the 9-months to September insurance showed 477 million rupees in other operating income.

The firm had 110 million shares by December 2011 and reported earnings per share of 2.51 rupees for the quarter and 5.79 rupees for the 9-months.

source - www.lbo.lk