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 March 31, 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 said. "The divestment of Kotmale Holdings 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 said.
"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 said.
Dunamis Capital current interests are in property development, financial services, and export manufacturing. Formerly known as Kshatriya Holdings, the company changed its name to Dunamis Capital in June 2010.
source - www.dailynews.lk
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