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Friday, February 18, 2011

Colombo Fort Land and Building posts impressive results

The Colombo Fort Land and Building Company Plc (CFLB) has increased its net profit attributable to equity holders by a massive 152% to Rs. 743.2 million in the first nine months of 2010/11 financial year.

Consolidated after tax profit was up by 232% to Rs. 1.4 billion from Rs. 422 million in the first nine months of last financial year. Pre-tax profit grew by 148% to Rs. 1.58 billion as per interim results released early this week.

The impressive bottom line performance had been boosted by a healthy 70% growth in revenue to Rs. 18.35 billion in the first nine months of the current financial year. Group gross profit was Rs. 4.2 billion, up by 56% over the corresponding period of last year. Pre-tax profit figure had been boosted by Rs. 295 million in other income and Rs. 8.5 million by way of share of results of associates.

In the third quarter group revenue grew by 63% to Rs. 7.2 billion and pre-tax profit by 44% to Rs. 870.5 million. After tax profit rose by 82% to Rs. 834 million and net profit attributable to equity holders rose by 51% to Rs. 425.8 million in the quarter ended 31 December 2010. Earnings per share in the quarter amounted to Rs. 11.83, up by 51% and for nine months it was Rs. 20.65, up by 152%.

The Group’s distribution business revenue had swelled to Rs. 6.6 billion in the first nine months up from Rs. 2.6 billion a year earlier. Plantations saw its revenue top Rs. 5 billion, from Rs. 4.7 billion in the first nine months of last year.

Hardware business of the group had seen a sharp increase to Rs. 2.35 billion from Rs. 755 million last year and chemicals, and hotels business also improved revenue whilst manufacturing had turned around with Rs. 341 million as against a negative Rs. 6.3 million.

The biggest profit contribution came from plantations (Rs. 642.7million, up from Rs. 220.5 million last year), followed by Rs. 324.3 million from chemicals and Rs. 156 million from distribution and Rs. 150 million from hardware business. Loss from hotels have been reduced to Rs. 42.5 million from Rs. 84 million in the previous year whilst loss in construction had increased to Rs. 16.5 million, from Rs. 8 million.

CFLB Group’s total assets topped the Rs. 20 billion mark as at 31 December 2010, up from Rs. 17 billion as at 31 March 2010 and Rs. 13.7 billion as at December 31, 2009. Net Asset Per Share amounted to Rs. 89.56, up from Rs. 69.16 as at March 31, 2010 and Rs. 49.39 as at 31 December 2009.

source - www.ft.lk