The quarterly financial report of Nation Lanka Finance PLC for the period ended March 11 reveals a dramatic turnaround of the group far exceeding the expectation of the investor public.
The group which faced a financial crisis in the past has recorded a net profit of Rs 1.3 million in the quarter under review compared to a massive loss of Rs 509 million for the corresponding period of last year.
The earnings per share improved from minus Rs 12.80 to Ro-05 positive.
For the 12 month period ending March 31,11 losses have been reduced to Rs 216 m compared to previous year with a massive loss of Rs 1071m. Accordingly the negative earnings per share has been reduced from Rs 42.52 to Rs 5.21.
The company which was under the management of the Central Bank earlier has been recently reverted to the private sector management and Rs. 500 million has been injected to the company by way of a private placement.
In addition Rs. 300 million has been raised by way of a right issue and this positive factor would be reflected in the next financial statement. For instant it would result in the net assets value per share increase from Rs. 0.05 to Rs. 1.55.
source - www.dailynews.lk
No comments:
Post a Comment