By Jithendra Antonio
Though Madulsima region achieved a 26% increase in production during the year due to favourable weather conditions that prevailed during 2010, the several strike action that took place had affected company’s revenue, Madulsima Plantations PLC (MADU) Chairman Harry Jayawardena outlines.
The trading loss incurred on account of the strikes is valued at Rs.5.437 million. In the lately published company annual report Jayawardena highlights that on January 4, 2010, workers kept away from work on all estates due to the funeral of P. Chandrasekeran, Minister and leader of Upcountry People’s Front, which resulted in a crop loss of approximately 14,043 kgs of made tea and another dispute on Dehigala Division of Roeberry Estate on May 21. Furthermore, a dispute in Kew Estate which led to a strike on 13th, 14th and 15th August 2010 also resulted in a crop loss of approximately 898 kgs of made tea.
Jaywardena in his review for the financial year 2010 stresses that although weather conditions were somewhat favourable for the Tea industry, when compared with the previous year, overall conditions were seen moving towards the extremes, as witnessed globally.
“A 13% increase in rainfall over the previous year was seen, which was still below the Decennial Average by 6%. In the Bogawantalawa region,n there was a 10% increase in rainfall, when compared with the previous year, which was 23% above the Decennial Average. However Jayawardena forecasts that in a backdrop where the tea market is expected to remain strong with increasing global consumption, a positive outlook for the Company depends largely on substantive inputs at various points in the process of production.
source - www.dailymirror.lk
Friday, May 27, 2011
Strong debut by SFS shares
By Athraja de Silva
Swarnamahal Financial Services Ltd. (SFS) listed 25million ordinary shares on the Diri Savi Board of the Colombo Stock Exchange commenced trading yesterday as per a listing directive issued by the Central Bank.
Ten percent of the family shares which amount to 2.4 million had been lodged in the CDS, and began trading at Rs. 100 per share which soon averaged to Rs. 57. The total number of shares in issue is 25 million.
The highest price the share traded yesterday was at Rs.100 and the lowest Rs.41. A total of 682, 600 shares traded and the share closed at Rs.43.
SFS, an E A P Edirisinghe Company and one of the fastest growing Finance companies in Sri Lanka, also revealed that they are preparing to launch a Gold Exchange Trading Fund (ETF) in order to provide opportunities for the public to invest in Gold. This is following the plan to implement a Commodities Exchange in Sri Lanka.
‘The legal framework is still being assembled and we expect it will be implemented by the end of this year,’ said Nalaka Edirisinghe, Director, SFS. ‘Gold is a highly demanded metal and is something the public knows about. Thus, the opportunity to invest and gain benefit from it will be an exciting opportunity for the public.’
The Company posted a pre-tax net profit of Rs. 120.6 million for the FY ending March, 31, 2011 as opposed to the Rs. 23.3 million recorded in the previous year. Net profit after tax was Rs. 76million as opposed to the Rs. 16.8million the year before. The net interest income also grew by 121% to Rs. 318 million with income interest generated from pawn-broking alone amounting to 77% of the company’s total interest income. The full focus of SFS will be on pawning services ,which grew from Rs. 864million to Rs. 2433 million in the last financial year. “At present we cover only 5% of the Pawning market segment. We still have 95% of the market to attract,” SFS Director noted.
source - www.dailymirror.lk
Swarnamahal Financial Services Ltd. (SFS) listed 25million ordinary shares on the Diri Savi Board of the Colombo Stock Exchange commenced trading yesterday as per a listing directive issued by the Central Bank.
Ten percent of the family shares which amount to 2.4 million had been lodged in the CDS, and began trading at Rs. 100 per share which soon averaged to Rs. 57. The total number of shares in issue is 25 million.
The highest price the share traded yesterday was at Rs.100 and the lowest Rs.41. A total of 682, 600 shares traded and the share closed at Rs.43.
SFS, an E A P Edirisinghe Company and one of the fastest growing Finance companies in Sri Lanka, also revealed that they are preparing to launch a Gold Exchange Trading Fund (ETF) in order to provide opportunities for the public to invest in Gold. This is following the plan to implement a Commodities Exchange in Sri Lanka.
‘The legal framework is still being assembled and we expect it will be implemented by the end of this year,’ said Nalaka Edirisinghe, Director, SFS. ‘Gold is a highly demanded metal and is something the public knows about. Thus, the opportunity to invest and gain benefit from it will be an exciting opportunity for the public.’
The Company posted a pre-tax net profit of Rs. 120.6 million for the FY ending March, 31, 2011 as opposed to the Rs. 23.3 million recorded in the previous year. Net profit after tax was Rs. 76million as opposed to the Rs. 16.8million the year before. The net interest income also grew by 121% to Rs. 318 million with income interest generated from pawn-broking alone amounting to 77% of the company’s total interest income. The full focus of SFS will be on pawning services ,which grew from Rs. 864million to Rs. 2433 million in the last financial year. “At present we cover only 5% of the Pawning market segment. We still have 95% of the market to attract,” SFS Director noted.
source - www.dailymirror.lk
Hydropower Free Lanka profits down
Hydropower Free Lanka PLC (HPFL), a subsidiary of Free Lanka Capital Holdings PLC, issuing a statement yesterday said its profits for the financial year ending March 31, 2011 fell due to additional depreciation and expenses it incurred when it went public.
"The company has reported a profitable fourth quarter ending o31 March 2011, with a profit before tax of Rs. 22.14 million as against Rs. 2.3 million in the corresponding period last year, according to unaudited accounts," the company said.
"The total profit before tax of Rs. 70.4 million has been recorded for the financial year 2010/11. It shows a decrease from Rs. 75.2 million the previous year. This decrease is due to additional depreciation and expenses relating to the Initial Public Offering (IPO) during the year," it said.
The company said was utilising assets available on its tea estates, Maturata Plantations and Pussellawa Plantations, to develop hydropower resources and are expanding activities.
Two plants have been successfully commissioned – one at Sanquhar Estate, Atabage and the other at Delta Estate, Pupuressa each producing 1.6mw of hydropower.
The company has signed the Standard Power Purchase Agreement (SPPA) with the Ceylon Electricity Board (CEB) for two new projects. Construction work on these, Thebuwana at Kuruwita and Stellenberg at Gampola, has already begun. Power generation is scheduled to start around March 2012.
Construction of two more projects at Ragala will commence soon and work is due to be completed by August 2012, the company said.
In addition to hydropower plants being constructed by HPFL, Free Lanka Capital Holdings (FLCH) will also set up seven more hydropower plants in Deniyaya and Rakwana, it said.
By the end of 2013, the group expects to generate a total of 16.02mw to the national grid.
During the past decade, country’s electricity demand reports an average annual growth of seven to eight percent.
"This is expected to increase with the post-war economic boom taking place and would be facilitated by the sound infrastructure development programmes of the government. It has been estimated that a 95 percent rate electrification will be achieved by 2015 with a mix of grid and off grid systems, the company said.
source - www.island.lk
"The company has reported a profitable fourth quarter ending o31 March 2011, with a profit before tax of Rs. 22.14 million as against Rs. 2.3 million in the corresponding period last year, according to unaudited accounts," the company said.
"The total profit before tax of Rs. 70.4 million has been recorded for the financial year 2010/11. It shows a decrease from Rs. 75.2 million the previous year. This decrease is due to additional depreciation and expenses relating to the Initial Public Offering (IPO) during the year," it said.
The company said was utilising assets available on its tea estates, Maturata Plantations and Pussellawa Plantations, to develop hydropower resources and are expanding activities.
Two plants have been successfully commissioned – one at Sanquhar Estate, Atabage and the other at Delta Estate, Pupuressa each producing 1.6mw of hydropower.
The company has signed the Standard Power Purchase Agreement (SPPA) with the Ceylon Electricity Board (CEB) for two new projects. Construction work on these, Thebuwana at Kuruwita and Stellenberg at Gampola, has already begun. Power generation is scheduled to start around March 2012.
Construction of two more projects at Ragala will commence soon and work is due to be completed by August 2012, the company said.
In addition to hydropower plants being constructed by HPFL, Free Lanka Capital Holdings (FLCH) will also set up seven more hydropower plants in Deniyaya and Rakwana, it said.
By the end of 2013, the group expects to generate a total of 16.02mw to the national grid.
During the past decade, country’s electricity demand reports an average annual growth of seven to eight percent.
"This is expected to increase with the post-war economic boom taking place and would be facilitated by the sound infrastructure development programmes of the government. It has been estimated that a 95 percent rate electrification will be achieved by 2015 with a mix of grid and off grid systems, the company said.
source - www.island.lk
Rubber prices to depend on Japan’s recovery
By Jithendra Antonio
Though future of rubber prices are encouraging, Chairman of Balangoda Plantations PLC (BALA) Harry Jayawardena said, all depends on factors such as the change in global weather patterns, and Japan’s recovery.
Jayawardena in his review for the financial year ended in 31 December 2011 said, tensions spreading across the Middle East will also affect future of Rubber prices. In the lately published annual report of Balangoda Plantations PLC, Jayawardena goes on to explain that the country’s rubber production has recorded an increase of 16 million kilogrammes during 2010, in spite of unfavourable weather conditions experienced during the 3rd and the 4th quarters in the Sabaragamuwa District.
“Rubber prices have been at better levels last year,” Jayawardena notes adding that the main driving force being emerging economies of China and India where car production leapfrogged. “There were instances when the price of Sheet Rubber exceeded the premium grades of Crepe in 2010, which was mainly due to the increased rubber demand for tyre and automobile industries
source - www.dailymirror.lk
Though future of rubber prices are encouraging, Chairman of Balangoda Plantations PLC (BALA) Harry Jayawardena said, all depends on factors such as the change in global weather patterns, and Japan’s recovery.
Jayawardena in his review for the financial year ended in 31 December 2011 said, tensions spreading across the Middle East will also affect future of Rubber prices. In the lately published annual report of Balangoda Plantations PLC, Jayawardena goes on to explain that the country’s rubber production has recorded an increase of 16 million kilogrammes during 2010, in spite of unfavourable weather conditions experienced during the 3rd and the 4th quarters in the Sabaragamuwa District.
“Rubber prices have been at better levels last year,” Jayawardena notes adding that the main driving force being emerging economies of China and India where car production leapfrogged. “There were instances when the price of Sheet Rubber exceeded the premium grades of Crepe in 2010, which was mainly due to the increased rubber demand for tyre and automobile industries
source - www.dailymirror.lk
Sri Lanka Keells Hotels net up 9-pct in March
May 26, 2011 (LBO) - Sri Lanka's Keells Hotels' profits rose 9 percent to 521 million rupees in the March 2011 quarter with most of the profits coming from its Maldivian operations, interim accounts showed.
Revenues rose 11 percent to 1.9 billion rupees in the quarter. In the year to March revenues rose 10 percent to 5.6 billion rupees.
Full year profits rose to 523 million rupees from 204 a year earlier indicating almost all the profits came in the final quarter.
Earnings were 36 cents per share.
From Sri Lanka the firm earned 135 million rupees in profits and 1.8 billion in revenues in the March quarter. From Maldives it earned 618 million rupees including 226 million from a resort from which it exited. Revenues from the Maldives totaled 3.8 billion rupees.
The firm had spent 1.56 billion rupees to acquire a lease of Dhonveli Island in the Maldives. It has also invested 947 million rupees in subsidiaries International Tourists and Hoteliers and 485 million in Ceylon Holiday Resorts.
It had also slightly increased investment in John Keells Hotels Mauritius.
source - www.lbo.lk
Revenues rose 11 percent to 1.9 billion rupees in the quarter. In the year to March revenues rose 10 percent to 5.6 billion rupees.
Full year profits rose to 523 million rupees from 204 a year earlier indicating almost all the profits came in the final quarter.
Earnings were 36 cents per share.
From Sri Lanka the firm earned 135 million rupees in profits and 1.8 billion in revenues in the March quarter. From Maldives it earned 618 million rupees including 226 million from a resort from which it exited. Revenues from the Maldives totaled 3.8 billion rupees.
The firm had spent 1.56 billion rupees to acquire a lease of Dhonveli Island in the Maldives. It has also invested 947 million rupees in subsidiaries International Tourists and Hoteliers and 485 million in Ceylon Holiday Resorts.
It had also slightly increased investment in John Keells Hotels Mauritius.
source - www.lbo.lk
Sri Lanka Ceylon Cold Stores annual net down 13-pct
May 26, 2011 (LBO) - Sri Lanka's Ceylon Cold Stores said net profit for the financial year ending March 2011 fell 13 percent to 200 million rupees from a year ago with its 'Keells Super' supermarket chain still in the red.
Annual group sales rose 16 percent to 16.6 billion rupees, the company said in a stock exchange filing.
The firm, a unit of the John Keells Holdings conglomerate, sells beverages and ice cream under the Elephant House brand name and operates one of the two big supermarket chains in the island.
Losses in the retail trade business of Ceylon Cold Stores, under which comes the Keells supermarket chain, rose to 65.7 million rupees from 46.3 million the year before although sales rose to 10.3 billion rupees from 9.2 billion rupees.
In the March 2011 quarter Ceylon Cold Stores said net profit fell 74 percent to 38 million rupees from a year ago although sales rose 18 percent to 4.3 billion rupees.
source - www.lbo.lk
Annual group sales rose 16 percent to 16.6 billion rupees, the company said in a stock exchange filing.
The firm, a unit of the John Keells Holdings conglomerate, sells beverages and ice cream under the Elephant House brand name and operates one of the two big supermarket chains in the island.
Losses in the retail trade business of Ceylon Cold Stores, under which comes the Keells supermarket chain, rose to 65.7 million rupees from 46.3 million the year before although sales rose to 10.3 billion rupees from 9.2 billion rupees.
In the March 2011 quarter Ceylon Cold Stores said net profit fell 74 percent to 38 million rupees from a year ago although sales rose 18 percent to 4.3 billion rupees.
source - www.lbo.lk
Sri Lanka newly listed finance firms soar on debut
May 26, 2011 (LBO) - Sri Lankan shares closed weaker Thursday with two newly listed finance companies soaring on their debut and a property company once again the most actively traded stock, brokers said.
The main All Share Price Index closed at 7,419.44, down 0.37 percent (27.25 points) while the more liquid Milanka index fell 0.19 percent (12.97 points) to close at 6,865.48, according to stock exchange provisional figures.
Turnover was 3.6 billion rupees.
Swarnamahal Financial Services, which began trading Thursday, closed at 44 rupees, up 32.60 or 286 percent with 682,600 shares traded.
The stock was listed at 11.40 rupees and opened at 100 rupees, the day's high.
Chilaw Finance, which also began trading Thursday, closed at 30.60 rupees, up 19.60 or 178 percent. The stock was listed at 11 rupees, opened at 30 rupees and hit a high of 60 rupees.
The trades were in contrast to the listing of Senkadagala Finance which has not been traded since getting listed in March 2011.
All registered finance companies must get listed in the Colombo bourse before the end of June 2011 under new banking rules.
Colombo Land & Development Company was once again the most actively traded stock, and accounted for the day's highest turnover.
It closed at 35.10 rupees, down 3.20 with almost 12.8 million shares changing hands.
In other trades Thursday, there were three private deals in John Keells Holdings of 150,000, 70,000 and 200,000 shares, all at 300 rupees a share.
source - www.lbo.lk
The main All Share Price Index closed at 7,419.44, down 0.37 percent (27.25 points) while the more liquid Milanka index fell 0.19 percent (12.97 points) to close at 6,865.48, according to stock exchange provisional figures.
Turnover was 3.6 billion rupees.
Swarnamahal Financial Services, which began trading Thursday, closed at 44 rupees, up 32.60 or 286 percent with 682,600 shares traded.
The stock was listed at 11.40 rupees and opened at 100 rupees, the day's high.
Chilaw Finance, which also began trading Thursday, closed at 30.60 rupees, up 19.60 or 178 percent. The stock was listed at 11 rupees, opened at 30 rupees and hit a high of 60 rupees.
The trades were in contrast to the listing of Senkadagala Finance which has not been traded since getting listed in March 2011.
All registered finance companies must get listed in the Colombo bourse before the end of June 2011 under new banking rules.
Colombo Land & Development Company was once again the most actively traded stock, and accounted for the day's highest turnover.
It closed at 35.10 rupees, down 3.20 with almost 12.8 million shares changing hands.
In other trades Thursday, there were three private deals in John Keells Holdings of 150,000, 70,000 and 200,000 shares, all at 300 rupees a share.
source - www.lbo.lk
Thursday, May 26, 2011
Bourse rebounds, property sector hot
■ Investors toast Commercial Bank Rs. 9.7 b Rights Move; Central Finance bull run persists
■ Land and Property Sector Price index up 14% so far this week
The Colombo stock market bounced back yesterday supported by improved investor sentiments especially on land and property sector as well as second tier counters along with select blue chips.
The benchmark ASI gained over 14 points whilst Milanka rose by over 20 points. Turnover was an above average Rs. 3.9 billion. "Heavy interest in predominantly second tier counters from local retailers pushed the indices slightly higher despite selling pressure," John Keells Stock Brokers said.
Other analysts said Land and Property Sector stocks continued to be hot in demand though activity on speculative and fundamental buying on new star Colombo Land persisted.
Overall the Land and Property sector price index has risen by 74 points or 14% so far this week. Yesterday it gained by 3% just below the best performer IT which grew by 3.28%
The Land and Property sector also accounted for the second highest turnover of Rs. 1 billion with 35 million shares changing hands via 9,027 trades. Colombo Land saw nearly 14 million of its shares traded including a crossing of 4 million before closing at Rs, 38.30, up by Rs. 3.40. On Friday it closed at Rs. 20.10 after a 20% stake bought by Emagewise/Citrus Leisure Group.
The banking, finance and insurance sector yesterday produced the highest turnover of Rs. 1.17 billion on a volume of 128.7 million shares. Investors toasted Rs. 9.7 billion worth Rights Issue of Commercial Bank with its voting share up Rs. 4.70 to Rs. 263 and non-voting up Rs. 5.70 to Rs. 192.80. HNB which didn’t gained soon after it announced Rs. 14.3 billion Rights, saw better fortunes yesterday with its voting share up Rs. 3.70 to Rs. 229.50.
Central Finance also shot up on impressive results as well as on speculation up by Rs. 97.10 to Rs. 1,850.90 whilst it hit an intra-day high of Rs. 1,895 on a volume of 167,400 shares.
Despite Bourse producing a net non-national outflow of Rs. 28.2 million, an asset management arm of a US investment bank collected available JKH shares from the market. JKH hit a high of Rs. 301 before closing at Rs. 300.10, up by 40 cents.
Reuters said stock market rose on Wednesday from its one-week closing low, led by bank and telecom shares with strong turnover and volume, while the rupee currency edged down on import dollar demand.
Sri Lanka's main share index closed 0.2 percent or 14.72 points firmer at 7,446.69, snapping a three straight losses.
Central Finance, a leasing firm which on Tuesday posted a 63.2 percent rise in its group net profit for the year ended on March 31, gained 5.5 percent.
Top private lender Commercial Bank of Ceylon rose 1.6 percent, a day after it announced plans to raise 9.7 billion rupees ($88.2 million) through a rights issue to fund future expansion and share split.
The day's turnover hit a three-week high of 3.91 billion Sri Lanka rupees ($35.5 million), more than last year's average of 2.4 billion and this year's daily average of 2.82 billion.
Foreign investors were net sellers for 28.3 million rupees' worth of shares on Wednesday. They have sold a net 6.3 billion rupees worth shares in 2011 after a record 26.4 billion in 2010.
Traded volume was 220.1 million, its highest since Jan. 16, against a five-day average of 149.9 million. The 30-day and 90-day average trading volumes were 73.3 million and 99.4 million respectively. Last year's daily average was 67.9 million.
The bourse is still Asia's best performer in 2011 with a 12.2 percent gain, after bringing in the region's top return of 96 percent last year.
The rupee narrowly shaved to close at 109.97/110.00 a dollar from Tuesday's 109.95/110.00 on importer dollar demand, dealers said.
Day of Schaffters?
In many ways yesterday appeared to be the day of Schaffters with several companies related to the entrepreneurial family figuring in the percentagewise top 10 gainers.
Dunamis Capital which reported a whopping 523% increase in profits to Rs. 811 million FY2011, topped the list with 61% gain or Rs. 8.60 to close at Rs. 22.70 whilst the share peaked to a high of Rs. 24.
Nearly 15 million of Dunamis shares traded for Rs. 296 million. Kelsey Homes figured at number three up 23% or Rs. 4 to close at Rs. 21 whilst First Capital was fifth with a gain of 19% or Rs. 4.30 to Rs. 26.90. Completing the list was Janashakthi Insurance up 18.4% or Rs. 2.80 to Rs. 18.
source - www.ft.lk
■ Land and Property Sector Price index up 14% so far this week
The Colombo stock market bounced back yesterday supported by improved investor sentiments especially on land and property sector as well as second tier counters along with select blue chips.
The benchmark ASI gained over 14 points whilst Milanka rose by over 20 points. Turnover was an above average Rs. 3.9 billion. "Heavy interest in predominantly second tier counters from local retailers pushed the indices slightly higher despite selling pressure," John Keells Stock Brokers said.
Other analysts said Land and Property Sector stocks continued to be hot in demand though activity on speculative and fundamental buying on new star Colombo Land persisted.
Overall the Land and Property sector price index has risen by 74 points or 14% so far this week. Yesterday it gained by 3% just below the best performer IT which grew by 3.28%
The Land and Property sector also accounted for the second highest turnover of Rs. 1 billion with 35 million shares changing hands via 9,027 trades. Colombo Land saw nearly 14 million of its shares traded including a crossing of 4 million before closing at Rs, 38.30, up by Rs. 3.40. On Friday it closed at Rs. 20.10 after a 20% stake bought by Emagewise/Citrus Leisure Group.
The banking, finance and insurance sector yesterday produced the highest turnover of Rs. 1.17 billion on a volume of 128.7 million shares. Investors toasted Rs. 9.7 billion worth Rights Issue of Commercial Bank with its voting share up Rs. 4.70 to Rs. 263 and non-voting up Rs. 5.70 to Rs. 192.80. HNB which didn’t gained soon after it announced Rs. 14.3 billion Rights, saw better fortunes yesterday with its voting share up Rs. 3.70 to Rs. 229.50.
Central Finance also shot up on impressive results as well as on speculation up by Rs. 97.10 to Rs. 1,850.90 whilst it hit an intra-day high of Rs. 1,895 on a volume of 167,400 shares.
Despite Bourse producing a net non-national outflow of Rs. 28.2 million, an asset management arm of a US investment bank collected available JKH shares from the market. JKH hit a high of Rs. 301 before closing at Rs. 300.10, up by 40 cents.
Reuters said stock market rose on Wednesday from its one-week closing low, led by bank and telecom shares with strong turnover and volume, while the rupee currency edged down on import dollar demand.
Sri Lanka's main share index closed 0.2 percent or 14.72 points firmer at 7,446.69, snapping a three straight losses.
Central Finance, a leasing firm which on Tuesday posted a 63.2 percent rise in its group net profit for the year ended on March 31, gained 5.5 percent.
Top private lender Commercial Bank of Ceylon rose 1.6 percent, a day after it announced plans to raise 9.7 billion rupees ($88.2 million) through a rights issue to fund future expansion and share split.
The day's turnover hit a three-week high of 3.91 billion Sri Lanka rupees ($35.5 million), more than last year's average of 2.4 billion and this year's daily average of 2.82 billion.
Foreign investors were net sellers for 28.3 million rupees' worth of shares on Wednesday. They have sold a net 6.3 billion rupees worth shares in 2011 after a record 26.4 billion in 2010.
Traded volume was 220.1 million, its highest since Jan. 16, against a five-day average of 149.9 million. The 30-day and 90-day average trading volumes were 73.3 million and 99.4 million respectively. Last year's daily average was 67.9 million.
The bourse is still Asia's best performer in 2011 with a 12.2 percent gain, after bringing in the region's top return of 96 percent last year.
The rupee narrowly shaved to close at 109.97/110.00 a dollar from Tuesday's 109.95/110.00 on importer dollar demand, dealers said.
Day of Schaffters?
In many ways yesterday appeared to be the day of Schaffters with several companies related to the entrepreneurial family figuring in the percentagewise top 10 gainers.
Dunamis Capital which reported a whopping 523% increase in profits to Rs. 811 million FY2011, topped the list with 61% gain or Rs. 8.60 to close at Rs. 22.70 whilst the share peaked to a high of Rs. 24.
Nearly 15 million of Dunamis shares traded for Rs. 296 million. Kelsey Homes figured at number three up 23% or Rs. 4 to close at Rs. 21 whilst First Capital was fifth with a gain of 19% or Rs. 4.30 to Rs. 26.90. Completing the list was Janashakthi Insurance up 18.4% or Rs. 2.80 to Rs. 18.
source - www.ft.lk
Market bounces to green
There was a modest revival in risk appetite in the Colombo Stock Exchange with indices trading in the light green ground to end positive. ASI gained 14.72 points (+0.20 percent) and ended at 7,446.69 while liquid MPI gained 20.84 (0.30 percent) to close at 6,878.45.
Market turnover improved to Rs 3.9 billion.
Colombo Land & Development Plc (CLND) (Rs 534.3mn) was the top contributor to the turnover for the third consecutive day. The counter recorded an off-the-floor deal of 4.1mn shares at a price of Rs 38.30.
Additionally, John Keells Holdings Plc (Rs 526.5mn) and Touchwood investments Plc (Rs.395.0mn) made noteworthy contributions.
Furthermore Touchwood investment Plc was the most actively traded counter during the trading session.
In the meantime heavy investor participation was witnessed in counter such as Dunamis Capital Plc, First Capital Holdings Plc and Janashakthi Insurance Plc. At the end of the day counters which attracted heavy investor participation, registered the top gains with Touchwood investment and Dunamis Capital Plc witnessing significant prices appreciations of Rs 8.90 (+63.1 percent) and Rs 7.30 (+30.9 percent) respectively.
Lanka Securities Research
source - www.dailynews.lk
Market turnover improved to Rs 3.9 billion.
Colombo Land & Development Plc (CLND) (Rs 534.3mn) was the top contributor to the turnover for the third consecutive day. The counter recorded an off-the-floor deal of 4.1mn shares at a price of Rs 38.30.
Additionally, John Keells Holdings Plc (Rs 526.5mn) and Touchwood investments Plc (Rs.395.0mn) made noteworthy contributions.
Furthermore Touchwood investment Plc was the most actively traded counter during the trading session.
In the meantime heavy investor participation was witnessed in counter such as Dunamis Capital Plc, First Capital Holdings Plc and Janashakthi Insurance Plc. At the end of the day counters which attracted heavy investor participation, registered the top gains with Touchwood investment and Dunamis Capital Plc witnessing significant prices appreciations of Rs 8.90 (+63.1 percent) and Rs 7.30 (+30.9 percent) respectively.
Lanka Securities Research
source - www.dailynews.lk
Renuka Holdings posts Rs. 966 m profit for 2011 FY
Encouraged by the buoyancy of the economy, Renuka Holdings PLC has recorded an impressive turnover and profit after taxation for the year ended 31 march 2011 as per the provisional financial statement released.
The group turnover grew 100% to Rs. 2.95 billion compared to Rs. 1.48 billion in the corresponding period last year.
Group profit after tax rose 159% to Rs. 966 million of which Rs. 732 million was attributable to shareholders of Renuka Holdings PLC, while company profit after tax increased to Rs. 320.7 million compared to Rs. 165 million in the corresponding year.
This significant increase has being achieved by contributions from all sectors. Total assets of the group increased to Rs. 4.66 billion as at 31 March 2011.
In the operations review accompanying the provisional financial statements, Executive Director Shamindra Rajiyah stated that “Total overhead decreased by 19% in the period primarily due to decreases in selling and distribution cost and finance expenses.
Significant reductions in finance cost of 79% were achieved due to lower prevailing interest rates and better cash management across group companies.”
The release further stated, “During this final quarter of 2010/2011, RHL acquired Shaw Wallace Marketing Ltd. and in turn Shaw Wallace acquired several subsidiary companies. Therefore, in line with our diversification, the business sectors of the group were re-classified. The Renuka Holdings group has 802 employees in seven locations and we are currently implementing an enterprise resource planning platform across all our subsidiaries.”
Renuka Holdings PLC is the holding company for subsidiaries engaged in the sectors of Agri Business (plantations, manufacturing, global marketing, forestry), Distribution (automotive, FMCG, foodservices), Investments, Leisure & Property and Management Services. Its subsidiaries are Coco Hotels & Properties Ltd, Renuka Agro Exports Ltd, Renuka Developments Ltd, Renuka Enterprises (Pvt.) Ltd and Shaw Wallace Marketing Ltd. Coco Lanka PLC, a listed investment trust and Renuka Agri Foods PLC, a listed food and beverage firm are among its group companies.
The group exports to 61 countries and among its portfolio of own brands are Renuka coconut products, Captain and Plaza canned mackerel, Angler canned tuna, Ranposha breakfast cereal, Rainers’s colourings and essences, Sun Gold instant drinks, Milk White soap, Pioneer tyres and Grip tubes.
The group represents Delphi Lockheed USA, Dunlop India, Ajinomoto Japan, Super-Max UAE, among many other prestigious international names and has strategic investments in subsidiary companies from UK, Canadian, Jamaican and UAE partners.
The Board of Directors of Renuka Holdings PLC comprises I. R. Rajiyah (Chairperson), Dr. S. R. Rajiyah, C. J. De. S. Amaratunge, L.M. Abeywickrama, S.V. Rajiyah, M. S. Dominic and T. K. Bandaranayake.
source - www.ft.lk
The group turnover grew 100% to Rs. 2.95 billion compared to Rs. 1.48 billion in the corresponding period last year.
Group profit after tax rose 159% to Rs. 966 million of which Rs. 732 million was attributable to shareholders of Renuka Holdings PLC, while company profit after tax increased to Rs. 320.7 million compared to Rs. 165 million in the corresponding year.
This significant increase has being achieved by contributions from all sectors. Total assets of the group increased to Rs. 4.66 billion as at 31 March 2011.
In the operations review accompanying the provisional financial statements, Executive Director Shamindra Rajiyah stated that “Total overhead decreased by 19% in the period primarily due to decreases in selling and distribution cost and finance expenses.
Significant reductions in finance cost of 79% were achieved due to lower prevailing interest rates and better cash management across group companies.”
The release further stated, “During this final quarter of 2010/2011, RHL acquired Shaw Wallace Marketing Ltd. and in turn Shaw Wallace acquired several subsidiary companies. Therefore, in line with our diversification, the business sectors of the group were re-classified. The Renuka Holdings group has 802 employees in seven locations and we are currently implementing an enterprise resource planning platform across all our subsidiaries.”
Renuka Holdings PLC is the holding company for subsidiaries engaged in the sectors of Agri Business (plantations, manufacturing, global marketing, forestry), Distribution (automotive, FMCG, foodservices), Investments, Leisure & Property and Management Services. Its subsidiaries are Coco Hotels & Properties Ltd, Renuka Agro Exports Ltd, Renuka Developments Ltd, Renuka Enterprises (Pvt.) Ltd and Shaw Wallace Marketing Ltd. Coco Lanka PLC, a listed investment trust and Renuka Agri Foods PLC, a listed food and beverage firm are among its group companies.
The group exports to 61 countries and among its portfolio of own brands are Renuka coconut products, Captain and Plaza canned mackerel, Angler canned tuna, Ranposha breakfast cereal, Rainers’s colourings and essences, Sun Gold instant drinks, Milk White soap, Pioneer tyres and Grip tubes.
The group represents Delphi Lockheed USA, Dunlop India, Ajinomoto Japan, Super-Max UAE, among many other prestigious international names and has strategic investments in subsidiary companies from UK, Canadian, Jamaican and UAE partners.
The Board of Directors of Renuka Holdings PLC comprises I. R. Rajiyah (Chairperson), Dr. S. R. Rajiyah, C. J. De. S. Amaratunge, L.M. Abeywickrama, S.V. Rajiyah, M. S. Dominic and T. K. Bandaranayake.
source - www.ft.lk
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