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Wednesday, February 23, 2011

Nation Lanka Finance profits dip

By Thushantha Jayatilaka

Group turnover of the Nation Lanka Finance for the quarter ended December 31, 2010 dipped 2% to Rs 332 million from Rs 339 million previous year. After tax loss amounted to Rs 165 million for the quarter, a 13% hike for the period.

According to the financial statement, group turnover for the nine month period also saw a 18% reduction in income to Rs 987 million from Rs 1.2 billion recorded for the same period last year. Meanwhile, the loss for the nine month period stood at Rs 234 million, a reduction of total losses by 57%, which amounted to Rs 548 million. Group turnover was helped by strong growth from its services amounting to Rs 182 million compared to the previous year, where services contributed only Rs 98 million. However, revenue from lending decreased sharply to Rs 402 million from Rs 726 million a year ago.

Earnings per Share (EPS) for the nine month period was a negative Rs 4.14, a reduction from a negative Rs 7.32. Book Value per Share was at Rs 10.9 for the nine month period.

Nation Lanka Finance' director board has proposed a rights issue amounting to Rs 299.8 million. Furthermore, an agreement was also signed on December 15, 2010 for a private placement amounting to Rs 500 million.

Major shareholders of Nation Lanka Finance are AFL Development holding 8.68% and Ceylinco securities holding 6.34% stake. Public holding of the company amounts to 80.44%.

source - www.dailymirror.lk