Sri Lanka e-Channeling profits fall

Nov 28, 2012 (LBO) - Sri Lanka's e-Channeling Plc which runs an online booking engine said, profits fell 66 percent to 24 million rupees in the half year ending September 2012 from a year earlier, without one off investment profits.

 The group reported earnings of 20 cents per share for the half year. E-channeling reports half yearly accounts as a second board listed company.

 Last year's profits were boosted by a 71 million rupee one-off gain.

Up to September the e-channeling, at company level, reported 28 million rupees in profits from operating activities.

In September 2011 after a change in shareholders the firm said it will take out 150 million rupees and invest in a related company, ECL Soft (Pvt) Ltd.

The company was expected to be involved in many areas "such as leisure, consultancy and training, media and advertising, financial services, international marketing of the ECL group, business process outsourcing in the healthcare sector and strategic investments."

The 150 million rupees now appears in the balance sheet of e-channeling as an investment.

By the end of September 2012, another 37 million rupees was shown as being due from a related party while the cashflow statement showed a 34 million rupee outflow to a related party.

source - www.lbo.lk