11/11/2010 (S.L.S.Picks) Coco Lanka PLC is today an Investment Trust managing a portfolio consisting of investments in equity, debt instruments and biological assets has recorded an impressive turnover and profit after taxation for the six months ended 30 September 2010 as per the interim financial statements released by the company.
The Company’s profit after tax grew to Rs. 154.9 million compared to Rs. 21.1 million in the corresponding period of last year which is an improvement of staggering 632%. At Group level profit after tax rose by 116% to Rs. 237.2 million, against Rs 110.0 million reported during the same period in the last year. The consolidated turnover for the period under review grew to Rs. 769.1 million while total assets of the Group increased to Rs. 1.9 billion as at 30 September 2010.
In the Operations review - future direction, accompanying the interim financial statements released recently, Executive Director Shamindra Rajiyah mentioned that the investment trust industry in Sri Lanka is still in its infancy compared to other emerging markets in terms of the equity and debt instruments offered. However he mentioned that the post war era, with the regulators keen to see Sri Lanka become a South Asian financial hub steps are being taken to attract new listings and broaden the investment instruments available. In addition new opportunities are arising for investment in green field projects especially in agriculture. Prior to listing at a future date. He further stated that the company is well positioned to be part of this process and are optimistic on delivering above average returns to its investors.
The Company’s profit after tax grew to Rs. 154.9 million compared to Rs. 21.1 million in the corresponding period of last year which is an improvement of staggering 632%. At Group level profit after tax rose by 116% to Rs. 237.2 million, against Rs 110.0 million reported during the same period in the last year. The consolidated turnover for the period under review grew to Rs. 769.1 million while total assets of the Group increased to Rs. 1.9 billion as at 30 September 2010.
In the Operations review - future direction, accompanying the interim financial statements released recently, Executive Director Shamindra Rajiyah mentioned that the investment trust industry in Sri Lanka is still in its infancy compared to other emerging markets in terms of the equity and debt instruments offered. However he mentioned that the post war era, with the regulators keen to see Sri Lanka become a South Asian financial hub steps are being taken to attract new listings and broaden the investment instruments available. In addition new opportunities are arising for investment in green field projects especially in agriculture. Prior to listing at a future date. He further stated that the company is well positioned to be part of this process and are optimistic on delivering above average returns to its investors.
Earning per share is Rs 8.09 for the period & is very attractive in terms of the prevailing market prices of Coco Lanka both voting and non voting shares.The Net Asset Value per share of the Group has increased to Rs 47.56 as at 30th September 2010 compared to Rs 40.47 as at 31st March 2010.
The ultimate holding company of Coco Lanka is Renuka Agri Foods Ltd.
Coco Lanka (N) Last traded price - Rs 51.80
Coco Lanka (X) Last traded price - Rs 42.50
Subsidiaries of Coco Lanka
* Renuka Agri Foods PLC
* Renuka Organics (Pvt) Ltd
* Renuka Teas (Ceylon) (Pvt) Ltd
* Kandy Plantations Ltd
* Renuka Witsenburg Organics(Pvt) Ltd
* Campbell Teas (Pvt) Ltd
* Renuka Trading (Pvt) Ltd
* Ceylon Forestry (Pvt) Ltd
* Ceylon Botanicals (Pvt) Ltd
Coco Lanka has 78.6% or 221,030,000 share holding in Renuka Agri Foods PLC. The last traded price of the RAL was Rs 6.70 as at 11/11/2010.
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