Dunamis Capital PLC, the diversified business group with interests in financial services and property development reported a record Rs. 810.9 million as profits attributable to equity holders for the year ended 31 March 2011. This was a substantial improvement from Rs. 130 million reported the previous year. The company posted consolidated profits of Rs. 1.2 billion for the year as compared to Rs. 353.5 million the previous financial year.
At Company level, Dunamis reported profits of Rs. 153.9 million compared to a loss of Rs. 81.1 million the previous year. Consolidated profits for the quarter ended 31 March 2011 were Rs. 41.2 million in contrast to a loss of Rs. 77.8 million for the same period the previous year. Earnings per share were Rs. 8.08 while Net Assets Per Share stood at Rs. 11.13.
The Company, which began a process of strategic business rationalisation a couple of years ago as a result of which it divested several businesses, has shown a remarkable turnaround. "We are pleased with the company’s results which can be primarily attributed to strong performance from our financial services subsidiary as well as substantial one-off gains," a spokesman stated. "The divestment of Kotmale Holdings PLC added just over Rs. 400 million to the bottom line. We are also seeing the results of past efforts to reduce debts, prune overheads, strengthen core business units and make the group leaner and more focused," he added.
"Although we are disappointed with the performance of the property development business, which fell below expectations, we are optimistic that improved performance will materialise in the current financial year. The company is in the process of evaluating selective investments in other sectors to further enhance shareholder value", he added.
source - www.island.lk
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