Apr 20, 2011 (LBO) - Net profit of Free Lanka Capital Holdings, whose shares have been heavily traded since trading began Monday, shot up 189 percent to 103 million rupees in the March 2011 quarter from a year ago.
Most of the profit came from its rubber and tea estates which have benefitted from surging commodity prices.
Sales rose 36 percent to 1.8 billion rupees with earnings per share for the quarter rising to 10 cents from 04 cents the previous year, according to provisional accounts filed with the stock exchange, the first for the quarter.
Free Lanka Capital Holdings grows tea and rubber, managing Maturata and Pussellawa Plantations, and also generates hydropower.
In the financial year ending March 31, 2011, the company's net profit rose 515 percent to 493 million rupees with sales up 33 percent to 6.5 billion rupees. Earnings per shares rose to 46 cents in the year from 09 cents the year before.
The annual profits were boosted by fair value gains on the company's timber stocks, which were up 29 percent to 307 million rupees, according to the accounts.
The biggest contribution to annual profit came from rubber plantations which reported pre-tax profits of 999 million rupees on sales of 1.7 billion compared with a profit of 310 million rupees the year before.
The firm's tea business made a pre-tax profit of 253 million rupees on sales of 4.6 billion rupees compared with a loss of 19 million rupees the previous year while hydro power made a profit of 91 million rupees up from 2.6 million rupees.
Free Lanka Capital Holdings' initial public offering of 300 million shares at five rupees each to raise 1.5 billion rupees was oversubscribed on the opening day on March 17, 2011.
The share opened at five rupees Monday, and hit a high of seven at which a sole crossing of 5,319,148 shares was done, but profit-taking brought it down to 5.60 Tuesday.
The stock was trading at 5.50 at mid-day Wednesday.
source - www.lbo.lk
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