Speculative yet profiteering play on Singer Sri Lanka and Singer Industries continued for the second consecutive day at the Colombo Bourse, with the latter landing under the SEC’s price band yesterday.
Parent Singer Sri Lanka dominated investor play with 3.45 million shares changing hands via 2,795 trades, generating Rs. 527.5 million turnover. The number of transactions confirms the degree of recycling of day-trades. On Monday 2.57 million shares of Singer were transacted via 1,069 trades for Rs. 331.5 million.
Singer topped the list of percentagewise gainers yesterday with 15.32% or Rs. 20.10 up to Rs. 151.30, whilst it hit an intra-day high of Rs. 169.50.
The renewed interest in Singer follows its subsidiary Singer Industries on Monday fully divesting its 1.4% stake or 1.8 million shares held in the parent. As at 31 December 2010, the stake amounted to 1.7%, which came down to 1.4% by 31 March 2011. The most noticeable block to trade yesterday was 530,000 shares done via a crossing at Rs. 122 but it hit a peak of Rs. 149 before closing at Rs. 131.20, up by 14% or Rs. 16.30.
The consumer goods retailing giant has been traditionally illiquid with only 12% or 15 million shares held by the public. The quantity in the CDS is also only 12.6 million. However, during the past two days, over six million Singer shares had traded. This figure – despite six more months more for the year to end – is a new annual record, with the last highest annual volume traded being 4.14 million shares in 2007. Last year’s figure was a mere 1.8 million.
Singer’s Dutch parent owns 86% of the Lankan entity. It has 2,673 shareholders, of which 2,634 are resident, owning a combined 8.6 million shares. Within the local category, there are 1,793 holding less than 1,000 shares with a collective haul of only 386,526 shares. Ceybank Unit Trust is the second largest shareholder, but taking a long-term view, it hasn’t been on the selling side this week.
In the first quarter of 2011, its highest price was Rs. 235 whilst the lowest was Rs. 165, with closing price being Rs. 224.20. In that context the current level is far below. However, it is a new high in the second quarter whilst Singer closed last week down by 10 cents to 114.90 with only 59,200 shares traded. Post sub division the number of shares in issue rose to 125.2 million, from 62.6 million.
Singer Sri Lanka CEO Asoka Pieris told the Daily FT that the sale of the stake held by Singer Industries had boosted liquidity whilst the market had re-rated though belatedly the outlook for the parent, following the impressive release of 1Q results.
Pieris noted that internally the thinking was that the market price hitherto hadn’t reflected the true value and emphasised that following the new pricing, there was more scope.
Market analysts however claim that brokers were merely propping up Singer share. They pointed to the recycling of trades or substantial day-trades, which signifies profiteering.
On Monday, with several high net worth investors joining the fray, there was strong speculation that there could be strategic play. However, this was quickly dismissed since Singer’s parent is firmly in control. One of the investors who bought in on Monday said it was purely as part of trading portfolio.
Singer Industries ranked number two yesterday with a 13% gain amounting to Rs. 24.40 to close at Rs. 210.40. It hit an intra-day high of Rs. 247. It saw only 336,300 shares transacted for Rs. 76.5 million via 651 trades. On Monday it gained by Rs. 13.40 to Rs. 186 with 282,500 shares traded. In terms of the SEC directive, the 10% price band has been imposed on Singer Industries with effect from 1 June 2011 to 7 June 2011 (both days inclusive).
Pieris opined that Singer Industries’ share price gain could be due to investor re-rating on account of profit from the sale of stake in parent.
Singer Sri Lanka in 1Q saw Group revenue surpassing the Rs. 5 billion mark, up 38% from the same period last year. The growth in revenue cascaded down to the bottom line with Group pre-tax profit up 60% to Rs. 485 million, while profit after tax grew by 53% to Rs. 257 million.
In the financial year ended 31 December 2010, Singer’s group revenue rose by 34% to Rs. 16 billion, whilst profit after tax shot up by 403% to Rs. 669 million.
source - www.ft.lk
Wednesday, June 1, 2011
Singer shares pushed by takeover talks
Singer Sri Lanka PLC (SINS) became the second largest contributor with Rs.527.56 million for the market turnover yesterday, amidst rumors about a possible takeover.
On Monday, there was crossing of 530,000 shares of Singer Sri Lanka PLC (SINS). Analyst said it was a possible buyout by the King of Bonds, Ajith Devasurendra led Browns, though it was earlier believed as Perpetual Capital.
Nearly 3.4 million shares of Singer Sri Lanka PLC (SINS) traded with 2,795 trades and the share closed at Rs.151.30. The share price shot up by Rs.20.10 (up 15.32%) and reached as high as Rs.169.50.
Meanwhile, Singer Industries (Ceylon) PLC (SINI) was up 13.12% to Rs. 247. However the share closed at Rs.210.40. The contribution to the day’s turnover by the share was Rs.76.5 million.
The 10 percent price band was imposed on SINI after trading hours.
source - www.dailymirror.lk
On Monday, there was crossing of 530,000 shares of Singer Sri Lanka PLC (SINS). Analyst said it was a possible buyout by the King of Bonds, Ajith Devasurendra led Browns, though it was earlier believed as Perpetual Capital.
Nearly 3.4 million shares of Singer Sri Lanka PLC (SINS) traded with 2,795 trades and the share closed at Rs.151.30. The share price shot up by Rs.20.10 (up 15.32%) and reached as high as Rs.169.50.
Meanwhile, Singer Industries (Ceylon) PLC (SINI) was up 13.12% to Rs. 247. However the share closed at Rs.210.40. The contribution to the day’s turnover by the share was Rs.76.5 million.
The 10 percent price band was imposed on SINI after trading hours.
source - www.dailymirror.lk
Cargills joins Rs. 1 billion net profit league
■ Bottom line swells by 56% in FY 2011; Group revenue tops Rs. 37 b mark with 20% growth
Cargills (Ceylon) Plc is the latest entrant to the one billion rupee net profit league, with the fast-expanding blue chip’s bottom line growing by 56% to Rs. 1.112 billion in the financial year ended 31 March 2011.
Consolidated profit after tax grew by 57% to Rs. 1.118 billion from Rs. 712 million in 2009/10 financial year. Pre-tax profit saw a 43% increase to Rs. 1.43 billion from Rs. 1.0 billion in 2009/10.
Group revenue (minus inter-segment sales) crossed the Rs. 37 billion mark in FY 2011 aided by a healthy 20% growth. Cargills has had a strong fourth quarter in 2010/11 with revenue almost at Rs. 10 billion, higher by Rs. 1.67 billion in the corresponding quarter of last year. Net profit attributable to equity holders in 4Q was Rs. 268 million, up from Rs. 220 million a year earlier.
With a series of acquisitions Cargills Group assets had grown to Rs. 19.3 billion as at 31 March 2011, up from Rs. 14 billion a year earlier. With retained earnings of Rs. 2.2 billion, shareholders funds amounted to almost Rs. 7 billion, up from Rs. 1.5 billion and Rs. 6.1 billion respectively as at end of FY 2010.
Net asset per share in FY 2011 was Rs. 31.58 at Group level, up from Rs. 27.42 a year earlier. Earnings per share rose to Rs. 4.97 from Rs. 3.18. Dividend per share grew from 80 cents to Rs. 1.30 in FY 2011.
Cargills’ food and beverage business had produced Rs. 36.8 billion revenue and a profit of Rs. 2.2 billion up from Rs. 30.5 billion and Rs. 1.58 billion respectively in FY 2010. The distribution segment contributed to Rs. 3.1 billion up from Rs. 2.7 billion but its profit dipped to Rs. 68.7 million from Rs. 142 million in the previous year.
As at 31 March 2011, Cargills (Ceylon) PLC transferred the ownership of Kotmale Holdings PLC to its wholly-owned subsidiary Cargills Quality Foods Limited. This transaction was done outside the trading floor of Colombo Stock Exchange consequent to a special approval from the Securities and Exchange Commission of Sri Lanka. The sales consideration amounted to Rs. 1,038 million and was accounted as intercompany receivable. As at the balance sheet date, the entire amount was due to the company.
The deal follows Cargills (Ceylon) PLC purchasing 23,046,538 shares of Kotmale Holdings PLC on 3 November 2010. The purchase was made at prices ranging from Rs. 37 to Rs. 40 per share, with the largest parcel purchased being at Rs. 40, resulting in an average price of Rs. 39.91. Accordingly, the Company acquired 73.4% of the total issued ordinary (voting) shares of Kotmale Holdings PLC.
In consequence thereto, it has become obligatory on the part of the Company to make a mandatory offer in terms of the Company Takeovers and Mergers Code 1995 (as amended in 2003) under Rule 31 of the Code to the holders of all the remaining Ordinary Shares carrying voting rights in Kotmale Holdings PLC.
In compliance with the provisions of the Company Takeovers and Mergers Code 1995 (as amended in 2003) – Rule 31, the Company made a Mandatory Offer (closing date was 30 December 2010) to the holders of all the remaining Ordinary Shares of Kotmale Holdings PLC and purchased further 2,612,934 shares of Kotmale Holdings PLC. Consequent to this acquisition, the Company increased its holding to 81.72% of the total issued ordinary (voting) shares of Kotmale Holdings PLC. Subsequent to the Mandatory offer, the Board of Directors was reconstituted on 5 January 2011.
Cargills Quality Foods Limited, a wholly owned subsidiary of Cargills (Ceylon) PLC, acquired 100% of the issued share capital of Diana Biscuits Manufacturers (Pvt) Ltd. on 24 November 2010. Accordingly, the financial statements of Diana Biscuits Manufacturers have been consolidated in Cargills Group financial statements.
Millers Brewery Limited, a wholly-owned subsidiary of Cargills (Ceylon) PLC, entered into an agreement for the sale and purchase of the business and business assets, including the brands of McCallum Breweries (Ceylon) (Private) Limited, McCallum Brewing Company (Private) Limited and Three Coins Company (Private) Limited at a purchase consideration of Rs. 1,425 m. In relation to this transaction, Millers Brewery Limited obtained the relevant licenses dated 7 February 2011 from the Excise Commissioner (Revenue) of the Excise Department of Sri Lanka.
Cargills (Ceylon) PLC has advanced a sum of Rs. 1,010 m to Millers Brewery Limited to fund the purchase of assets. This amount is reflected as an intercompany receivable pending the issue of shares in Millers Brewery Limited.
source - www.ft.lk
Cargills (Ceylon) Plc is the latest entrant to the one billion rupee net profit league, with the fast-expanding blue chip’s bottom line growing by 56% to Rs. 1.112 billion in the financial year ended 31 March 2011.
Consolidated profit after tax grew by 57% to Rs. 1.118 billion from Rs. 712 million in 2009/10 financial year. Pre-tax profit saw a 43% increase to Rs. 1.43 billion from Rs. 1.0 billion in 2009/10.
Group revenue (minus inter-segment sales) crossed the Rs. 37 billion mark in FY 2011 aided by a healthy 20% growth. Cargills has had a strong fourth quarter in 2010/11 with revenue almost at Rs. 10 billion, higher by Rs. 1.67 billion in the corresponding quarter of last year. Net profit attributable to equity holders in 4Q was Rs. 268 million, up from Rs. 220 million a year earlier.
With a series of acquisitions Cargills Group assets had grown to Rs. 19.3 billion as at 31 March 2011, up from Rs. 14 billion a year earlier. With retained earnings of Rs. 2.2 billion, shareholders funds amounted to almost Rs. 7 billion, up from Rs. 1.5 billion and Rs. 6.1 billion respectively as at end of FY 2010.
Net asset per share in FY 2011 was Rs. 31.58 at Group level, up from Rs. 27.42 a year earlier. Earnings per share rose to Rs. 4.97 from Rs. 3.18. Dividend per share grew from 80 cents to Rs. 1.30 in FY 2011.
Cargills’ food and beverage business had produced Rs. 36.8 billion revenue and a profit of Rs. 2.2 billion up from Rs. 30.5 billion and Rs. 1.58 billion respectively in FY 2010. The distribution segment contributed to Rs. 3.1 billion up from Rs. 2.7 billion but its profit dipped to Rs. 68.7 million from Rs. 142 million in the previous year.
As at 31 March 2011, Cargills (Ceylon) PLC transferred the ownership of Kotmale Holdings PLC to its wholly-owned subsidiary Cargills Quality Foods Limited. This transaction was done outside the trading floor of Colombo Stock Exchange consequent to a special approval from the Securities and Exchange Commission of Sri Lanka. The sales consideration amounted to Rs. 1,038 million and was accounted as intercompany receivable. As at the balance sheet date, the entire amount was due to the company.
The deal follows Cargills (Ceylon) PLC purchasing 23,046,538 shares of Kotmale Holdings PLC on 3 November 2010. The purchase was made at prices ranging from Rs. 37 to Rs. 40 per share, with the largest parcel purchased being at Rs. 40, resulting in an average price of Rs. 39.91. Accordingly, the Company acquired 73.4% of the total issued ordinary (voting) shares of Kotmale Holdings PLC.
In consequence thereto, it has become obligatory on the part of the Company to make a mandatory offer in terms of the Company Takeovers and Mergers Code 1995 (as amended in 2003) under Rule 31 of the Code to the holders of all the remaining Ordinary Shares carrying voting rights in Kotmale Holdings PLC.
In compliance with the provisions of the Company Takeovers and Mergers Code 1995 (as amended in 2003) – Rule 31, the Company made a Mandatory Offer (closing date was 30 December 2010) to the holders of all the remaining Ordinary Shares of Kotmale Holdings PLC and purchased further 2,612,934 shares of Kotmale Holdings PLC. Consequent to this acquisition, the Company increased its holding to 81.72% of the total issued ordinary (voting) shares of Kotmale Holdings PLC. Subsequent to the Mandatory offer, the Board of Directors was reconstituted on 5 January 2011.
Cargills Quality Foods Limited, a wholly owned subsidiary of Cargills (Ceylon) PLC, acquired 100% of the issued share capital of Diana Biscuits Manufacturers (Pvt) Ltd. on 24 November 2010. Accordingly, the financial statements of Diana Biscuits Manufacturers have been consolidated in Cargills Group financial statements.
Millers Brewery Limited, a wholly-owned subsidiary of Cargills (Ceylon) PLC, entered into an agreement for the sale and purchase of the business and business assets, including the brands of McCallum Breweries (Ceylon) (Private) Limited, McCallum Brewing Company (Private) Limited and Three Coins Company (Private) Limited at a purchase consideration of Rs. 1,425 m. In relation to this transaction, Millers Brewery Limited obtained the relevant licenses dated 7 February 2011 from the Excise Commissioner (Revenue) of the Excise Department of Sri Lanka.
Cargills (Ceylon) PLC has advanced a sum of Rs. 1,010 m to Millers Brewery Limited to fund the purchase of assets. This amount is reflected as an intercompany receivable pending the issue of shares in Millers Brewery Limited.
source - www.ft.lk
Hayleys MGT order book healthy amidst interim negatives
By Jithendra Antonio
Hayleys MGT Chairman Mohan Pandithage in the company’s financials claims that the company’s order book remains healthy, despite interim negatives.
In his review he highlights discrepancies between the physical balance of inventory and financial records, writing down a part of inventory to its net realizable value and a correction to receivables which was overstated.
In the lately published annual report of Hayleys MGT, the Chairman notes that the timely intervention and quick response by the present management to such discrepancies have enabled the management to arrest the negatives,
It was reported to the Mathugama Magistrate that vast quantities of fabric were unaccounted for, had been sold illegally, that accounts had been falsified and numerous other allegations were currently being investigated into at present.
Since December 2010, the preliminary investigations pertaining to the fraud and the forensic audit were conducted under the direct guidance and supervision of Jeevantha Jayatilake (Attorney-at-Law) and his legal team on behalf of Hayley’s MGT, and the gathered evidence was thereafter handed over to the Commercial Crimes Division of the CID, who recorded numerous witness statements and gathered more evidence which was produced before the Mathugama Magistrate.
Sgt. Mahroof of the CID was supported in his prosecution by President’s Counsel Tilak Marapana with Jeevantha Jayatilake (Attorney-at-Law) ,Janaka Marapana and Tazio Ratnayeke (Attorneys-at-Law) who appeared on behalf of the Hayley’s Group of Companies. Tilak Marapana P.C. laid emphasis that this is a defrauding of a public quoted company and that extensive and detailed investigations had been conducted over a period of six months, into every aspect since the initial stock loss was discovered by the Hayley MGT Board.
This is the latest development in the investigation by Hayleys MGT Knitting Mills Plc which suffered its first ever loss in 2010/11 financial year following an estimate approximately Rs. 700 million provisioning. As per provisional results released, Hayleys MGT Knitting Mills reported a Rs. 800 million loss in comparison to a re-stated profit figure of Rs. 367 million in 2009/10.
In the B-Report presented to the Mathugama Magistrate, the CID revealed that extensive evidence had been found to implicate the chief suspect in the fraud.
The Mathugama Magistrate refused to grant bail to Bandula Weerasinghe and Roshan Gunaratne, and were placed in remand custody until June 13.
source - www.dailymirror.lk
Hayleys MGT Chairman Mohan Pandithage in the company’s financials claims that the company’s order book remains healthy, despite interim negatives.
In his review he highlights discrepancies between the physical balance of inventory and financial records, writing down a part of inventory to its net realizable value and a correction to receivables which was overstated.
In the lately published annual report of Hayleys MGT, the Chairman notes that the timely intervention and quick response by the present management to such discrepancies have enabled the management to arrest the negatives,
It was reported to the Mathugama Magistrate that vast quantities of fabric were unaccounted for, had been sold illegally, that accounts had been falsified and numerous other allegations were currently being investigated into at present.
Since December 2010, the preliminary investigations pertaining to the fraud and the forensic audit were conducted under the direct guidance and supervision of Jeevantha Jayatilake (Attorney-at-Law) and his legal team on behalf of Hayley’s MGT, and the gathered evidence was thereafter handed over to the Commercial Crimes Division of the CID, who recorded numerous witness statements and gathered more evidence which was produced before the Mathugama Magistrate.
Sgt. Mahroof of the CID was supported in his prosecution by President’s Counsel Tilak Marapana with Jeevantha Jayatilake (Attorney-at-Law) ,Janaka Marapana and Tazio Ratnayeke (Attorneys-at-Law) who appeared on behalf of the Hayley’s Group of Companies. Tilak Marapana P.C. laid emphasis that this is a defrauding of a public quoted company and that extensive and detailed investigations had been conducted over a period of six months, into every aspect since the initial stock loss was discovered by the Hayley MGT Board.
This is the latest development in the investigation by Hayleys MGT Knitting Mills Plc which suffered its first ever loss in 2010/11 financial year following an estimate approximately Rs. 700 million provisioning. As per provisional results released, Hayleys MGT Knitting Mills reported a Rs. 800 million loss in comparison to a re-stated profit figure of Rs. 367 million in 2009/10.
In the B-Report presented to the Mathugama Magistrate, the CID revealed that extensive evidence had been found to implicate the chief suspect in the fraud.
The Mathugama Magistrate refused to grant bail to Bandula Weerasinghe and Roshan Gunaratne, and were placed in remand custody until June 13.
source - www.dailymirror.lk
PCH closes FY 2010 and 2011 on impressive note
*Pre-tax profit up 53 percent to Rs 301.5 m
*Turnover up 25 percent to Rs 3.8 b
*Declares final dividend 25 cents per share
PC House, Sri Lanka’s leading provider of ICT solutions, has ended the current financial year with a final dividend of 25 cents per share for 2010 and 2011 with a total dividend of Rs 57,233,334 being paid within seven months after the IPO. These significant results are indicative of the company’s strategic plans with its new vision headed by a forward thinking Chairman and his capable management team.
PCH Chairman S H M Rishan said: “Q4 marked a terrific end to a successful year. Our strong performance has been driven by a rapidly growing technological economy, continuous product innovation that benefits both consumers and corporates, and by the extraordinary momentum of our newer businesses, such as BPO and ICT solutions. These results give us the optimism and confidence to invest heavily in future growth investments that will benefit our consumers,” he said.
The Group’s pre-tax profit recorded a 53 percent increase to Rs 301.5 million over the previous year with a turnover of Rs 3.8 billion, which was up 25 percent.
The Group’s profit after tax grew by 44 percent to Rs 178.9 million in a year after the successful IPO which was followed by several internal initiatives and strategic corporate re-branding.
The basic earnings per share of the group for the 12 months grew by 19 percent to cents 86 from cents 72 for the previous year. Net assets per share improved by 85 percent to Rs 6.65 at company level and by 81 percent to Rs 6.78 at Group level.
PCH commenced operations in 1997 as a seller of hardware, mainly in sales of assembled computers and, today, occupies a unique position in Sri Lanka’s IT industry as the only organization in the country to be present in all of its segments, namely, hardware, software and IT services.
As the leading IT company, PCH commands a lion’s share of the local IT market and is the precursor of global IT trends in Sri Lanka and has voluntarily taken on the mantle of growing the industry through knowledge sharing, updating the local IT industry and other stakeholders of developments in the fast-changing world of IT. PCH has adapted with great agility to the fast-evolving world of technology by concentrating on building partnerships with international and world-renowned brands and employing the best in industry expertise in the form of qualified professionals identifying and serving market demands.
PCH’s other subsidiary Procifinity operates in the BPO and KPO industry and is a BOI-approved organization. The company offers Financial and Accounting, Scanning, Indexing and Digitizing, Software Development and Data Entry Services.
Foreseeing a profitable future, PCH plans to further expand its branch network in the financial year 2011 and 12.
PCH is the new corporate brand identity for PC House PLC which was recently listed in the Colombo Stock Exchange.
source - www.dailynews.lk
*Turnover up 25 percent to Rs 3.8 b
*Declares final dividend 25 cents per share
PC House, Sri Lanka’s leading provider of ICT solutions, has ended the current financial year with a final dividend of 25 cents per share for 2010 and 2011 with a total dividend of Rs 57,233,334 being paid within seven months after the IPO. These significant results are indicative of the company’s strategic plans with its new vision headed by a forward thinking Chairman and his capable management team.
PCH Chairman S H M Rishan said: “Q4 marked a terrific end to a successful year. Our strong performance has been driven by a rapidly growing technological economy, continuous product innovation that benefits both consumers and corporates, and by the extraordinary momentum of our newer businesses, such as BPO and ICT solutions. These results give us the optimism and confidence to invest heavily in future growth investments that will benefit our consumers,” he said.
The Group’s pre-tax profit recorded a 53 percent increase to Rs 301.5 million over the previous year with a turnover of Rs 3.8 billion, which was up 25 percent.
The Group’s profit after tax grew by 44 percent to Rs 178.9 million in a year after the successful IPO which was followed by several internal initiatives and strategic corporate re-branding.
The basic earnings per share of the group for the 12 months grew by 19 percent to cents 86 from cents 72 for the previous year. Net assets per share improved by 85 percent to Rs 6.65 at company level and by 81 percent to Rs 6.78 at Group level.
PCH commenced operations in 1997 as a seller of hardware, mainly in sales of assembled computers and, today, occupies a unique position in Sri Lanka’s IT industry as the only organization in the country to be present in all of its segments, namely, hardware, software and IT services.
As the leading IT company, PCH commands a lion’s share of the local IT market and is the precursor of global IT trends in Sri Lanka and has voluntarily taken on the mantle of growing the industry through knowledge sharing, updating the local IT industry and other stakeholders of developments in the fast-changing world of IT. PCH has adapted with great agility to the fast-evolving world of technology by concentrating on building partnerships with international and world-renowned brands and employing the best in industry expertise in the form of qualified professionals identifying and serving market demands.
PCH’s other subsidiary Procifinity operates in the BPO and KPO industry and is a BOI-approved organization. The company offers Financial and Accounting, Scanning, Indexing and Digitizing, Software Development and Data Entry Services.
Foreseeing a profitable future, PCH plans to further expand its branch network in the financial year 2011 and 12.
PCH is the new corporate brand identity for PC House PLC which was recently listed in the Colombo Stock Exchange.
source - www.dailynews.lk
Dunamis Capital posts Rs 1.2 b profit
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
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
Commercial Credit to list on CSE today
Commercial Credit Ltd announced the listing of the company on the "Diri Savi" Board of the Colombo Stock Exchange today (June 01). Commercial Credit will list 218,074,365 shares. Kenanga Investment Corporation Limited acts as Advisors to the Listing and Nithya Partners as the legal advisors.
Commercial Credit’s Director/CEO Roshan Egodage says that the listing’s key objectives are to comply with the regulatory requirements ahead of stipulated deadlines, broadening shareholder structure, strengthening the capital raising ability to support future growth strategy and increasing its transparency as a public listed institution.
CEO of Kenanga Investment Corporation Limited Shahid Sangani added, "Taking into consideration Commercial Credit’s past performance, coupled with the sheer professionalism with which the company is managed, we have no doubt that its shares will perform well in the Colombo Stock Exchange."
source - www.island.lk
Commercial Credit’s Director/CEO Roshan Egodage says that the listing’s key objectives are to comply with the regulatory requirements ahead of stipulated deadlines, broadening shareholder structure, strengthening the capital raising ability to support future growth strategy and increasing its transparency as a public listed institution.
CEO of Kenanga Investment Corporation Limited Shahid Sangani added, "Taking into consideration Commercial Credit’s past performance, coupled with the sheer professionalism with which the company is managed, we have no doubt that its shares will perform well in the Colombo Stock Exchange."
source - www.island.lk
Bourse down on profit taking & settlement cycle
The Colombo bourse lost ground yesterday although a turnover of Rs.3.5 billion, up from the previous day’s Rs.3.1 billion, was posted with the All Share Price Index losing 50.34 points (0.67%) and the Milanka down 12.68 points (0.18%) with 140 losers well ahead of 67 gainers.
"The downturn was attributable to profit taking as well as the month-end settlement cycle with retailers settling accounts," Prashan Fernando of Acuity Stockbrokers said. "There was profit taking on retail stock that had been moving up in recent days."
Nation Lanka continued to attract intense activity gaining Rs.2.50 to close at Rs.31.90 on 17.2 million shares done betwe3n Rs.28.60 and Rs.32.30. This counter generated the day’s top turnover of Rs.534.7 million.
Singer Sri Lanka continued to be active following the previous day’s sale by Singer Industries which took a substantial profit on its investment in its parent.
"The same shares were going round and round with nearly 3.5 million shares done between Rs.135 and Rs.169.50 with the share gaining Rs.20.10 to close at Rs.149 generating a turnover of Rs.527.6 million,’’ brokers said.
Other stocks that generated volume included Lion Brewery (over 0.9 million shares) including three crossings at a price of Rs.230 absorbing most of the quantity traded. The counter gained a rupee to close at Rs.230.10 trading between Rs.230 and Rs.240.
Ceylon Tobacco was down Rs.5 to Rs.375 on over 0.5 million shares done between Rs.375 and Rs.380 including two crossings at Rs.375 accounting for 450,000 of the business.
Ceylon Theatres saw a crossing of 500,000 shares at a price of Rs.201 losing 30 cents to close at Rs.203.50 on 523,000 shares traded between Rs.203.50 and Rs.215.
Brokers said that retail play was evident in Nation Lanka, Colonial Motors (down Rs.13.20 to Rs.456), Janashakthi (down Rs.1.30 to Rs.19.50 on 4.6 million shares) and Seylan non-voting.
Union Chemicals announced a final dividend of Rs.6 per shares for 2010 with the AGM scheduled for June 10. The share will trade XD from June 13 with payment on July 14.
Kotagala will pay a dividend of Rs.5 per share following its June 30 AGM, XD from July 1 and payment on July 11.
source - www.island.lk
"The downturn was attributable to profit taking as well as the month-end settlement cycle with retailers settling accounts," Prashan Fernando of Acuity Stockbrokers said. "There was profit taking on retail stock that had been moving up in recent days."
Nation Lanka continued to attract intense activity gaining Rs.2.50 to close at Rs.31.90 on 17.2 million shares done betwe3n Rs.28.60 and Rs.32.30. This counter generated the day’s top turnover of Rs.534.7 million.
Singer Sri Lanka continued to be active following the previous day’s sale by Singer Industries which took a substantial profit on its investment in its parent.
"The same shares were going round and round with nearly 3.5 million shares done between Rs.135 and Rs.169.50 with the share gaining Rs.20.10 to close at Rs.149 generating a turnover of Rs.527.6 million,’’ brokers said.
Other stocks that generated volume included Lion Brewery (over 0.9 million shares) including three crossings at a price of Rs.230 absorbing most of the quantity traded. The counter gained a rupee to close at Rs.230.10 trading between Rs.230 and Rs.240.
Ceylon Tobacco was down Rs.5 to Rs.375 on over 0.5 million shares done between Rs.375 and Rs.380 including two crossings at Rs.375 accounting for 450,000 of the business.
Ceylon Theatres saw a crossing of 500,000 shares at a price of Rs.201 losing 30 cents to close at Rs.203.50 on 523,000 shares traded between Rs.203.50 and Rs.215.
Brokers said that retail play was evident in Nation Lanka, Colonial Motors (down Rs.13.20 to Rs.456), Janashakthi (down Rs.1.30 to Rs.19.50 on 4.6 million shares) and Seylan non-voting.
Union Chemicals announced a final dividend of Rs.6 per shares for 2010 with the AGM scheduled for June 10. The share will trade XD from June 13 with payment on July 14.
Kotagala will pay a dividend of Rs.5 per share following its June 30 AGM, XD from July 1 and payment on July 11.
source - www.island.lk
Sri Lanka finance companies rush to list
May 31, 2011 (LBO) - Sri Lanka's central bank said 15 regulated finance companies have so far listed themselves on the Colombo Stock Exchange in response to a direction by the Central Bank and other are on the way.
The Central Bank has set a deadline of June 30 for listings to be completed.
The regulator said four registered finance companies have been given the nod to list by the stock exchange and applications of other firms are being reviewed.
Several of the smaller finance companies are closely held family firms and there have been very little trading on some of the recent listings.
But active trading has been seen in others.
source - www.lbo.lk
The Central Bank has set a deadline of June 30 for listings to be completed.
The regulator said four registered finance companies have been given the nod to list by the stock exchange and applications of other firms are being reviewed.
Several of the smaller finance companies are closely held family firms and there have been very little trading on some of the recent listings.
But active trading has been seen in others.
source - www.lbo.lk
Sri Lanka shares end down 0.7-pct
May 31, 2011 (LBO) - Sri Lankan shares ended weaker Tuesday despite retail buying of popular and speculative stocks, brokers said.
The main All Share Price Index closed at 7,418.07, down 0.67 percent (50.34 points) while the more liquid Milanka index fell 0.18 percent (12.68 points) to close at 6,853.61, according to stock exchange figures.
Turnover was 3.5 billion rupees.
Capital Trust Securities director Sarath Rajapaksa said he expects the market to pick up in June despite forthcoming initial public offers if brokers use margin credit facilities.
The IPOs including a big one by Softlogic Holdings in June are seen to have drained liquidity from the market as investors sold to raise cash to buy new shares.
Once again Nation Lanka Finance was the most actively traded stock Tuesday, closing at 32 rupees, up 2.50 with 17.2 million shares changing hands and adding 534 million rupees to the day's turnover.
Singer Sri Lanka was also heavily traded, closing at 151.30 rupees, up 20.10 with almost 3.5 million shares done, adding 527 million rupees to turnover.
Capital Development and Investment Company, which had shot up 303.10 rupees or
almost 75 percent Monday to 707.30 rupees, fell almost 10 percent Tuesday to end at 636.90 rupees.
source - www.lbo.lk
The main All Share Price Index closed at 7,418.07, down 0.67 percent (50.34 points) while the more liquid Milanka index fell 0.18 percent (12.68 points) to close at 6,853.61, according to stock exchange figures.
Turnover was 3.5 billion rupees.
Capital Trust Securities director Sarath Rajapaksa said he expects the market to pick up in June despite forthcoming initial public offers if brokers use margin credit facilities.
The IPOs including a big one by Softlogic Holdings in June are seen to have drained liquidity from the market as investors sold to raise cash to buy new shares.
Once again Nation Lanka Finance was the most actively traded stock Tuesday, closing at 32 rupees, up 2.50 with 17.2 million shares changing hands and adding 534 million rupees to the day's turnover.
Singer Sri Lanka was also heavily traded, closing at 151.30 rupees, up 20.10 with almost 3.5 million shares done, adding 527 million rupees to turnover.
Capital Development and Investment Company, which had shot up 303.10 rupees or
almost 75 percent Monday to 707.30 rupees, fell almost 10 percent Tuesday to end at 636.90 rupees.
source - www.lbo.lk
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