Blue chip conglomerate Aitken Spence PLC has reported Rs. 3.1 billion profit before tax in the nine months of 2013 financial year, up 18% from a year earlier amidst challenging macroeconomic conditions.
Profit attributable to shareholders rose by 24% to Rs 2.1 billion.
The diversified group’s nine-month revenue rose by 30% to Rs. 27.8 billion while earnings per share increased by 24% to Rs. 5.11.
“Our satisfactory results for the nine-month period has been mainly driven by our tourism and strategic investments sectors. Our resorts in the Maldives performed exceptionally well with better occupancies. We are keen to strengthen our leisure portfolio in Sri Lanka and overseas. However, we would like to reiterate the need for a robust destination marketing strategy for Sri Lanka to overcome some of the key challenges we are presently facing in tourism and to achieve the industry’s full potential for the country,” Aitken Spence Deputy Chairman and Managing Director J.M.S. Brito said.
“Since many of our companies generate revenues in foreign currency, during the current year, we did not get the benefit of the currency depreciation compared to the previous year. This is reflected in the reduction in the other operating income during the period,” he added.
“The full operation of our 100 MW power plant in Embilipitiya, which was shut down in the first quarter of the last financial year, strengthened the performance of the strategic investments sector when compared with the previous year,” Brito said.
“Given the demanding global environment at present, we believe the company would find it challenging to match the outstanding fourth quarter performance it achieved during the previous year,” he added.
The interim financial statements of the company and its controlled entities for the nine months ended 31 December 2012 were audited by the company’s external auditors since it is the first financial year following the adoption of IFRS requirements.
The restated financial position of the company and its controlled entities as at 31 March 2011 and 31 March 2012 respectively based on Sri Lanka Accounting Standards effective from 1 January 2012 have also been audited by external auditors.
Aitken Spence is among Sri Lanka’s leading and most respected corporate entities with operations in South Asia, the Middle East and Africa. Listed on the Colombo Stock Exchange since 1983, it is an industry leader in hotels, travel, maritime services, logistics, power generation and printing. The diversified group has a significant presence in plantations, financial services, insurance, information technology and apparel.
During the last quarter under review Aitken Spence was recognised as the ‘Best Corporate Citizen 2012’ by the Ceylon Chamber of Commerce (CCC). Aitken Spence also received two sector awards for ‘Environment’ and ‘Economic Contribution and Governance,’ as well as the category award for ‘Financial Performance’.
Aitken Spence’s premier beach property in Sri Lanka, Heritance Ahungalla was presented with the Gold Award at the National Green Awards conducted by the Central Environmental Authority, during the last quarter under review. Heritance Ahungalla has successfully taken over the baton from Heritance Kandalama, which was received the same distinction during the previous year.
source - www.ft.lk
Friday, February 15, 2013
Indices dip, foreign inflow at Bourse
Reuters: Stocks fell for a third straight session on Thursday to a one-week low and turnover also fell a day after the International Monetary Fund warned of slower growth, high inflation, and lower tax revenue risks.
The main share index fell 0.03%, or 1.73 points, to end at 5,825.29, its lowest since 7 February.
“Investors are worried about the IMF statement,” a stockbroker said on condition of anonymity. “The market is down on low liquidity. Investors are staying away awaiting for direction with high interest rates.”
Even though yields in T-bills fell for the 10th straight week at an auction on Wednesday, with the 364-day T-bill rate down to a near one-year low of 11.10%, lending rates have been more than 14.3%, Central Bank data showed.
The Central Bank said on Tuesday authorities had decided not to pursue a new loan from the IMF, which had said it may not be in a position to consider any direct or indirect budget support for Sri Lanka.
Analysts and stockbrokers said there was a possibility interest rates would reverse the declining trend if the government resorts to expensive commercial borrowing to bridge the budget gap, after the expected IMF loan did not materialise.
The day’s turnover was Rs. 470.99 million ($ 3.72 million), the lowest since 5 February, and less than this year’s daily average of Rs. 1.15 billion.
Foreign investors were net buyers of Rs. 170 million worth of shares on Thursday, but they have been net sellers of Rs. 929.31 million this year.
The rupee ended weaker at 126.50/60 to the dollar from Wednesday’s close of 126.40/60 due to importer dollar demand, dealers said.
source - www.ft.lk
The main share index fell 0.03%, or 1.73 points, to end at 5,825.29, its lowest since 7 February.
“Investors are worried about the IMF statement,” a stockbroker said on condition of anonymity. “The market is down on low liquidity. Investors are staying away awaiting for direction with high interest rates.”
Even though yields in T-bills fell for the 10th straight week at an auction on Wednesday, with the 364-day T-bill rate down to a near one-year low of 11.10%, lending rates have been more than 14.3%, Central Bank data showed.
The Central Bank said on Tuesday authorities had decided not to pursue a new loan from the IMF, which had said it may not be in a position to consider any direct or indirect budget support for Sri Lanka.
Analysts and stockbrokers said there was a possibility interest rates would reverse the declining trend if the government resorts to expensive commercial borrowing to bridge the budget gap, after the expected IMF loan did not materialise.
The day’s turnover was Rs. 470.99 million ($ 3.72 million), the lowest since 5 February, and less than this year’s daily average of Rs. 1.15 billion.
Foreign investors were net buyers of Rs. 170 million worth of shares on Thursday, but they have been net sellers of Rs. 929.31 million this year.
The rupee ended weaker at 126.50/60 to the dollar from Wednesday’s close of 126.40/60 due to importer dollar demand, dealers said.
source - www.ft.lk
First Capital Holdings reports net profit of Rs. 199mn
Active trading strategies in the Government Securities market and strong gains from Structuring and Placement issues have enabled First Capital Holdings PLC (FCH) to post net profit after tax of Rs. 199 million for the nine months ended 31 December 2012, up from a loss of Rs. 101.74 million a year earlier.
In a filing with the Colombo Stock Exchange, the Group said Revenue increased by 31% to Rs 1,160 million in the period reviewed. This increase was mainly attributed to above average returns from the company’s government securities operations as a result of First Capital’s ability to carry appropriate long term positions due to the strength of its capital base.
The company also raised a Rs. 5 billion for a diverse group of clients through commercial paper, debentures and securitisations in the nine months reviewed, and has a fourth quarter pipeline of approximately Rs. 6 billion.
First Capital’s net profit after tax for the third quarter (October – December 2012) was Rs 86 million compared with a net loss after tax of Rs 220 million in the third quarter of 2011/12.
Earnings per share for the period was Rs 1.84 as against a loss per share of Rs 0.99 in the corresponding quarter of the previous year. Group net assets per share stood at Rs 13.13 as at 31 December 2012.
Commenting on the Group’s performance, Mangala Jayashantha, Chief Financial Officer of First Capital said: "First Capital’s success is largely due to its ability to maximise returns in the bond market by developing large and profitable portfolios and holding favourable positions."
He disclosed that consequent to the tax exemptions granted in the Government’s 2013 Budget, the Group will also be able to further capitalise on its corporate debt business and take advantage of the proposals in the Central Bank’s Road Map for 2013.
Focusing on new business lines for the company, he noted that "We will now see more opportunity in the corporate finance advisory space. First Capital is ready to assist corporate clients with their strategic financial issues. We are geared to work with companies to improve the odds of successful Mergers and Acquisitions (M&A) by way of fund raising in the capital markets or by providing focused and in-depth advice on M&A, both on the buy side or sell side, and on other corporate finance activities."
First Capital’s Board of Directors comprises Deshamanya Lalith De Mel (Chairman), Manjula Mathews, Jehaan Ismail, Dinesh Schaffter, Nihara Rodrigo, Eardley Perera, Minette Perera and Nishan Fernando.
source - www.island.lk
In a filing with the Colombo Stock Exchange, the Group said Revenue increased by 31% to Rs 1,160 million in the period reviewed. This increase was mainly attributed to above average returns from the company’s government securities operations as a result of First Capital’s ability to carry appropriate long term positions due to the strength of its capital base.
The company also raised a Rs. 5 billion for a diverse group of clients through commercial paper, debentures and securitisations in the nine months reviewed, and has a fourth quarter pipeline of approximately Rs. 6 billion.
First Capital’s net profit after tax for the third quarter (October – December 2012) was Rs 86 million compared with a net loss after tax of Rs 220 million in the third quarter of 2011/12.
Earnings per share for the period was Rs 1.84 as against a loss per share of Rs 0.99 in the corresponding quarter of the previous year. Group net assets per share stood at Rs 13.13 as at 31 December 2012.
Commenting on the Group’s performance, Mangala Jayashantha, Chief Financial Officer of First Capital said: "First Capital’s success is largely due to its ability to maximise returns in the bond market by developing large and profitable portfolios and holding favourable positions."
He disclosed that consequent to the tax exemptions granted in the Government’s 2013 Budget, the Group will also be able to further capitalise on its corporate debt business and take advantage of the proposals in the Central Bank’s Road Map for 2013.
Focusing on new business lines for the company, he noted that "We will now see more opportunity in the corporate finance advisory space. First Capital is ready to assist corporate clients with their strategic financial issues. We are geared to work with companies to improve the odds of successful Mergers and Acquisitions (M&A) by way of fund raising in the capital markets or by providing focused and in-depth advice on M&A, both on the buy side or sell side, and on other corporate finance activities."
First Capital’s Board of Directors comprises Deshamanya Lalith De Mel (Chairman), Manjula Mathews, Jehaan Ismail, Dinesh Schaffter, Nihara Rodrigo, Eardley Perera, Minette Perera and Nishan Fernando.
source - www.island.lk
Thursday, February 14, 2013
Hayleys 9-month pre-tax profit up 63% to Rs. 3.6 b; turnover tops Rs. 52 b mark
Exceptionally strong growth in the third quarter of 2012-13 has enhanced Hayleys PLC’s nine-month performance, enabling the blue chip conglomerate to report wholesome revenue and profit gains for the period.
Turnover for the nine months ending 31 December 2012 improved by a robust 12% to Rs. 52 billion, and profit before tax grew 63% to Rs. 3.6 billion from Rs. 2.2 billion before capital gains, reported in the corresponding period of the previous year.
Net profit for the three quarters was Rs. 2.6 billion as against Rs. 1.4 billion excluding capital gains, at the end of the third quarter of 2011-12.
Hayleys Chairman Mohan Pandithage attributed these results to strong growth in all core operations and efficient management of cost of sales. Performance in the December quarter was particularly noteworthy, with profit before tax growth of 116%, he disclosed.
“Despite a weak global economy, our export sectors performed well due to concerted efforts in product and market development, and streamlined operations,” Pandithage noted.
“Our manufacturing companies have continued to innovate and invest in research and development to ensure sustained demand for our products. As a result, sectors such as Hand Protection, Purification and Construction Materials have performed well.”
Hand Protection (Rs. 10.9 billion), Purification Products (Rs. 8 billion), Plantations (Rs. 6.4 billion), Agriculture (Rs. 5 billion), Transportation and Logistics (Rs. 4.9 billion) and Fibre (Rs. 3.7 billion) were the leading contributors to the Group’s turnover in the period reviewed.
Pandithage said Agriculture faced challenges due to extremes of weather throughout the review period, with a drought followed by floods in the third quarter. Nonetheless, the Hayleys Agriculture and Plantations sectors had performed in a creditable manner during the first nine months of the year.
The Transportation and Logistics sector showed strong growth as did the Construction Materials sector and the Amaya Group. The Power and Energy sector also turned in a noteworthy performance in the first nine months.
The newly-refurbished Ceylon Continental Hotel, rebranded as The Kingsbury, commenced operations in December and is expected to make a strong contribution to earnings in the future, Pandithage said.
Adjudged Sri Lanka’s ‘Best Corporate Citizen’ four times, the Hayleys Group employs more than 33,000 people, and accounts for 2.51% of the country’s export income.
The Board of Directors of Hayleys PLC comprises Mohan Pandithage (Chairman and Chief Executive), Dhammika Perera (Deputy Chairman), Rizvi Zaheed, Johnpillai Anandarajah, Nimal Perera, Sarath Ganegoda, Rajitha Kariyawasan, Dr. Harsha Cabral PC, Dr. Mahesha Ranasoma, Mangala Goonatileke, Ranil Pathirana and Lalin Samarawickrama.
source - www.ft.lk
Turnover for the nine months ending 31 December 2012 improved by a robust 12% to Rs. 52 billion, and profit before tax grew 63% to Rs. 3.6 billion from Rs. 2.2 billion before capital gains, reported in the corresponding period of the previous year.
Net profit for the three quarters was Rs. 2.6 billion as against Rs. 1.4 billion excluding capital gains, at the end of the third quarter of 2011-12.
Hayleys Chairman Mohan Pandithage attributed these results to strong growth in all core operations and efficient management of cost of sales. Performance in the December quarter was particularly noteworthy, with profit before tax growth of 116%, he disclosed.
“Despite a weak global economy, our export sectors performed well due to concerted efforts in product and market development, and streamlined operations,” Pandithage noted.
“Our manufacturing companies have continued to innovate and invest in research and development to ensure sustained demand for our products. As a result, sectors such as Hand Protection, Purification and Construction Materials have performed well.”
Hand Protection (Rs. 10.9 billion), Purification Products (Rs. 8 billion), Plantations (Rs. 6.4 billion), Agriculture (Rs. 5 billion), Transportation and Logistics (Rs. 4.9 billion) and Fibre (Rs. 3.7 billion) were the leading contributors to the Group’s turnover in the period reviewed.
Pandithage said Agriculture faced challenges due to extremes of weather throughout the review period, with a drought followed by floods in the third quarter. Nonetheless, the Hayleys Agriculture and Plantations sectors had performed in a creditable manner during the first nine months of the year.
The Transportation and Logistics sector showed strong growth as did the Construction Materials sector and the Amaya Group. The Power and Energy sector also turned in a noteworthy performance in the first nine months.
The newly-refurbished Ceylon Continental Hotel, rebranded as The Kingsbury, commenced operations in December and is expected to make a strong contribution to earnings in the future, Pandithage said.
Adjudged Sri Lanka’s ‘Best Corporate Citizen’ four times, the Hayleys Group employs more than 33,000 people, and accounts for 2.51% of the country’s export income.
The Board of Directors of Hayleys PLC comprises Mohan Pandithage (Chairman and Chief Executive), Dhammika Perera (Deputy Chairman), Rizvi Zaheed, Johnpillai Anandarajah, Nimal Perera, Sarath Ganegoda, Rajitha Kariyawasan, Dr. Harsha Cabral PC, Dr. Mahesha Ranasoma, Mangala Goonatileke, Ranil Pathirana and Lalin Samarawickrama.
source - www.ft.lk
Gainers outpace losers but indices & turnover down
The Colombo bourse yesterday posted a low turnover of Rs.597.5 million, down from the previous day’s Rs.705.3 million, with both indices down – the All Share by 9.09 points (0.16%) and the S&P SL20 marginally by 0.84 points (0.03%) with 95 gainers ahead of 85 losers while 133 counters closed flat.
Foreign purchases amounted to Rs. 221.78 million, resulting in a net inflow of Rs. 159.02 million.
Commercial Credit and Finance PLC closed its debenture issue yesterday raising Rs. 500 million.
The company had initially planned to sell 2.5 million unsecured subordinated redeemable five year debentures at Rs. 100 each, and upon oversubscription, another 2.5 million.
"The ASPI gave back intraday gains to end marginally lower amid subdued activity levels, with trades on JKH accounting for roughly 25% of the day’s turnover," John Keells Stockbrokers said.
There was one block trade in Browns Investments where slightly over 29 million shares were crossed in two parcels at a price of Rs.3.80 in deals worth Rs.110.3 million. The counter closed 20 cents up at Rs.3.60 on the trading floor with nearly 8.9 million shares done between Rs.3.40 and Rs.3.70 contributing Rs.31.8 million to turnover.
JKH continued to be the most traded stock for the day closing flat at Rs.231 on nearly 0.7 million shares done between Rs.230.10 and Rs.232 contributing Rs.152.3 million to turnover. The counter reached its 52-week high of Rs.232 in intra-day trading.
Dialog was the next on the turnover league gaining 30 cents to close at Rs.9.40 with over 4.9 million shares done between Rs.8.90 and Rs.9.40 - a 52-week high. Brokers said that the counter was attracting retail play.
Sampath Bank continued to gain closing Rs.2.60 up at Rs.238.40 on nearly 0.2 million shares transacted between Rs.235 and Rs.239 contributing Rs.36.5 million to the day’s business volume.
Other most traded stocks included Colombo Land closing 80 cents up at Rs.33.10 on over 0.5 million shares, Kegalla down Rs.1.10 to close at Rs.108.60 on over 0.1 million shares, Lanka Ventures down Rs.1.30 to Rs.32 on nearly 0.4 million shares and NDB up a rupee to Rs.151 on 71,021 shares.
source - www.island.lk
Foreign purchases amounted to Rs. 221.78 million, resulting in a net inflow of Rs. 159.02 million.
Commercial Credit and Finance PLC closed its debenture issue yesterday raising Rs. 500 million.
The company had initially planned to sell 2.5 million unsecured subordinated redeemable five year debentures at Rs. 100 each, and upon oversubscription, another 2.5 million.
"The ASPI gave back intraday gains to end marginally lower amid subdued activity levels, with trades on JKH accounting for roughly 25% of the day’s turnover," John Keells Stockbrokers said.
There was one block trade in Browns Investments where slightly over 29 million shares were crossed in two parcels at a price of Rs.3.80 in deals worth Rs.110.3 million. The counter closed 20 cents up at Rs.3.60 on the trading floor with nearly 8.9 million shares done between Rs.3.40 and Rs.3.70 contributing Rs.31.8 million to turnover.
JKH continued to be the most traded stock for the day closing flat at Rs.231 on nearly 0.7 million shares done between Rs.230.10 and Rs.232 contributing Rs.152.3 million to turnover. The counter reached its 52-week high of Rs.232 in intra-day trading.
Dialog was the next on the turnover league gaining 30 cents to close at Rs.9.40 with over 4.9 million shares done between Rs.8.90 and Rs.9.40 - a 52-week high. Brokers said that the counter was attracting retail play.
Sampath Bank continued to gain closing Rs.2.60 up at Rs.238.40 on nearly 0.2 million shares transacted between Rs.235 and Rs.239 contributing Rs.36.5 million to the day’s business volume.
Other most traded stocks included Colombo Land closing 80 cents up at Rs.33.10 on over 0.5 million shares, Kegalla down Rs.1.10 to close at Rs.108.60 on over 0.1 million shares, Lanka Ventures down Rs.1.30 to Rs.32 on nearly 0.4 million shares and NDB up a rupee to Rs.151 on 71,021 shares.
source - www.island.lk
Bourse at one-week low as IMF warns on economic risks
Reuters: Stocks slipped to a one-week low on Wednesday in thin volume as cautious investors stood by as the International Monetary Fund said growth was slowing more than the Government had expected.
A visiting IMF mission said Sri Lanka was facing additional risks from high inflation, lower tax revenue and slow structural reforms.
The main share index fell 0.16%, or 9.09 points, to end at 5,827.02, its lowest since 7 February.
The Central Bank on Tuesday said authorities had decided not to pursue a new loan from the IMF, which had said it may not be in a position to consider any direct or indirect budget support to Sri Lanka.
“The concern is now if the interest rates will go up,” a stockbroker said on condition of anonymity. “Since the expected IMF money is not going to materialise, Sri Lanka will need to go for expensive commercial borrowing.”
Turnover was Rs. 608.44 million ($ 4.82 million), less than this year’s daily average of Rs. 1.17 billion.
Foreign investors were net buyers of Rs. 159 million worth of shares on Wednesday, but they have been net sellers of Rs. 1.1 billion so far this year.
The rupee ended weaker at 126.40/60 to the dollar from Tuesday’s close of 126.15/25, dealers said.
source - www.ft.lk
A visiting IMF mission said Sri Lanka was facing additional risks from high inflation, lower tax revenue and slow structural reforms.
The main share index fell 0.16%, or 9.09 points, to end at 5,827.02, its lowest since 7 February.
The Central Bank on Tuesday said authorities had decided not to pursue a new loan from the IMF, which had said it may not be in a position to consider any direct or indirect budget support to Sri Lanka.
“The concern is now if the interest rates will go up,” a stockbroker said on condition of anonymity. “Since the expected IMF money is not going to materialise, Sri Lanka will need to go for expensive commercial borrowing.”
Turnover was Rs. 608.44 million ($ 4.82 million), less than this year’s daily average of Rs. 1.17 billion.
Foreign investors were net buyers of Rs. 159 million worth of shares on Wednesday, but they have been net sellers of Rs. 1.1 billion so far this year.
The rupee ended weaker at 126.40/60 to the dollar from Tuesday’s close of 126.15/25, dealers said.
source - www.ft.lk
43% profit growth at HNB Assurance
HNB Assurance PLC reported a 43% growth in its Profit After Tax ( PAT ) according to the interim financial statements for the year ended 31st December 2012 released to the Colombo Stock Exchange.
The company’s Profit After Tax recorded Rs. 351 Million while its Profit Before Tax also grew by 45% to reach Rs. 394 Million. Turnover recorded a modest growth of 8% fuelled by the Gross Written Premium (GWP) from Life Insurance which grew at an impressive rate of 16%.
The growth in GWP from General Insurance stood at 1% due to the Company’s decision to defend its pricing structure at an economically viable level amidst heavy price competition. This strategy enabled the Company to record a considerable improvement in its underwriting profitability from the General Insurance business. As a result, the profit after tax from General Insurance business grew by 151% and accounted for a share of 53% of the total profit.
The profit from Life Insurance recognized as a transfer of surplus from the Life Fund declined marginally by 4% and accounted for a share of 47%. This is the first time since 2006 that General Insurance has contributed to a larger share of the company’s profit after tax and reverses the trend seen in recent years. The Company’s Earnings per Share (EPS) grew to Rs. 7.02 recording a 37% growth while its Return on Equity (ROE) stood at 19%. This strong performance enabled the Company to declare a dividend of Rs. 2.75 per share which was 31% higher than the dividend declared for the previous financial year.
Commenting on the Company’s achievement of results for the year ended 31st December 2012, Manjula de Silva , Managing Director , HNB Assurance PLC feels that the Company has done exactly what it sets out to do in 2012. "We aimed to accelerate the growth of life insurance business while executing a twofold strategy of achieving a moderate growth in general insurance business while improving profitability. The results delivered in 2012 are fully consistent with these stated goals" he stated while expressing the Company’s desire to target a faster rate of growth from General Insurance in 2013 while protecting its vastly improved level of profitability.
source - www.island.lk
The company’s Profit After Tax recorded Rs. 351 Million while its Profit Before Tax also grew by 45% to reach Rs. 394 Million. Turnover recorded a modest growth of 8% fuelled by the Gross Written Premium (GWP) from Life Insurance which grew at an impressive rate of 16%.
The growth in GWP from General Insurance stood at 1% due to the Company’s decision to defend its pricing structure at an economically viable level amidst heavy price competition. This strategy enabled the Company to record a considerable improvement in its underwriting profitability from the General Insurance business. As a result, the profit after tax from General Insurance business grew by 151% and accounted for a share of 53% of the total profit.
The profit from Life Insurance recognized as a transfer of surplus from the Life Fund declined marginally by 4% and accounted for a share of 47%. This is the first time since 2006 that General Insurance has contributed to a larger share of the company’s profit after tax and reverses the trend seen in recent years. The Company’s Earnings per Share (EPS) grew to Rs. 7.02 recording a 37% growth while its Return on Equity (ROE) stood at 19%. This strong performance enabled the Company to declare a dividend of Rs. 2.75 per share which was 31% higher than the dividend declared for the previous financial year.
Commenting on the Company’s achievement of results for the year ended 31st December 2012, Manjula de Silva , Managing Director , HNB Assurance PLC feels that the Company has done exactly what it sets out to do in 2012. "We aimed to accelerate the growth of life insurance business while executing a twofold strategy of achieving a moderate growth in general insurance business while improving profitability. The results delivered in 2012 are fully consistent with these stated goals" he stated while expressing the Company’s desire to target a faster rate of growth from General Insurance in 2013 while protecting its vastly improved level of profitability.
source - www.island.lk
Discounting last year’s capital gains, Hayleys PLC profits up 85%
Hayleys PLC reported a net profit of Rs. 2.6 billion for the nine months period ending December 31, 2012, down 26 percent from Rs. 3.56 billion a year earlier, interim results filed with the stock exchange showed. However, discounting capital gains made the previous year, net profits rose 85 percent.
In 2011, group companies of Hayleys PLC disposed 6,874,584 ordinary shares in Hayleys PLC, resulting in a capital gain of Rs. 2.19 billion, which saw net profits soar 323 percent as at end December 2011 from the corresponding period of 2010.
Earnings per share fell to Rs. 18.19 as at December 31, 2012 from Rs. 31.22 a year earlier.
"Turnover for the nine months ending 31st December 2012 improved by 12 percent to Rs 52 billion, and profit before tax grew 63 percent to Rs 3.6 billion from Rs 2.2 billion before capital gains, reported in the corresponding period of the previous year. Net profit for the three quarters was Rs 2.6 billion as against Rs 1.4 billion excluding capital gains, at the end of the third quarter of 2011-12," the company said in a statement.
Hayleys Chairman Mohan Pandithage attributed these results to ‘strong growth in all core operations and efficient management of cost of sales. Performance in the December quarter was particularly noteworthy, with profit before tax growth of 116 per cent’, he disclosed in a statement.
"Despite a weak global economy, our export sectors performed well due to concerted efforts in product and market development, and streamlined operations," Pandithage noted. "Our manufacturing companies have continued to innovate and invest in research and development to ensure sustained demand for our products. As a result, sectors such as Hand Protection, Purification and Construction Materials have performed well."
Hand Protection (Rs 10.9 billion), Purification Products (Rs 8 billion), Plantations (Rs 6.4 billion), Agriculture (Rs 5 billion), Transportation & Logistics (Rs 4.9 billion) and Fibre (Rs 3.7 billion) were the leading contributors to the Group’s turnover in the period reviewed.
Pandithage said Agriculture faced challenges due to extremes of weather throughout the review period, with a drought followed by floods in the third quarter. Nonetheless, the Hayleys Agriculture and Plantations sectors had performed in a creditable manner during the first nine months of the year.
The Transportation & Logistics sector showed strong growth as did the Construction Materials sector and the Amaya Group. The Power and Energy sector also turned in a noteworthy performance in the first nine months.
The newly refurbished Ceylon Continental Hotel, rebranded as The Kingsbury, commenced operations in December and is expected to make a strong contribution to earnings in the future, Pandithage said.
The group’s net finance cost rose 80 percent during the nine month period to Rs.1.56 billion from Rs. 869 million a year ago.
"The group’s finance costs rose in 2012 as interest rates increased during the year. A number of strategies are being implemented to address this. However with lower interest rates anticipated in 2013, the finance cost burden is expected to ease," he said.
The Board of Directors of Hayleys PLC comprises Messrs Mohan Pandithage (Chairman and Chief Executive), Dhammika Perera (Deputy Chairman), Rizvi Zaheed, Johnpillai Anandarajah, Nimal Perera, Sarath Ganegoda, Rajitha Kariyawasan, Dr. Harsha Cabral PC, Dr. Mahesha Ranasoma, Mangala Goonatileke, Ranil Pathirana and Lalin Samarawickrama.
source - www.island.lk
In 2011, group companies of Hayleys PLC disposed 6,874,584 ordinary shares in Hayleys PLC, resulting in a capital gain of Rs. 2.19 billion, which saw net profits soar 323 percent as at end December 2011 from the corresponding period of 2010.
Earnings per share fell to Rs. 18.19 as at December 31, 2012 from Rs. 31.22 a year earlier.
"Turnover for the nine months ending 31st December 2012 improved by 12 percent to Rs 52 billion, and profit before tax grew 63 percent to Rs 3.6 billion from Rs 2.2 billion before capital gains, reported in the corresponding period of the previous year. Net profit for the three quarters was Rs 2.6 billion as against Rs 1.4 billion excluding capital gains, at the end of the third quarter of 2011-12," the company said in a statement.
Hayleys Chairman Mohan Pandithage attributed these results to ‘strong growth in all core operations and efficient management of cost of sales. Performance in the December quarter was particularly noteworthy, with profit before tax growth of 116 per cent’, he disclosed in a statement.
"Despite a weak global economy, our export sectors performed well due to concerted efforts in product and market development, and streamlined operations," Pandithage noted. "Our manufacturing companies have continued to innovate and invest in research and development to ensure sustained demand for our products. As a result, sectors such as Hand Protection, Purification and Construction Materials have performed well."
Hand Protection (Rs 10.9 billion), Purification Products (Rs 8 billion), Plantations (Rs 6.4 billion), Agriculture (Rs 5 billion), Transportation & Logistics (Rs 4.9 billion) and Fibre (Rs 3.7 billion) were the leading contributors to the Group’s turnover in the period reviewed.
Pandithage said Agriculture faced challenges due to extremes of weather throughout the review period, with a drought followed by floods in the third quarter. Nonetheless, the Hayleys Agriculture and Plantations sectors had performed in a creditable manner during the first nine months of the year.
The Transportation & Logistics sector showed strong growth as did the Construction Materials sector and the Amaya Group. The Power and Energy sector also turned in a noteworthy performance in the first nine months.
The newly refurbished Ceylon Continental Hotel, rebranded as The Kingsbury, commenced operations in December and is expected to make a strong contribution to earnings in the future, Pandithage said.
The group’s net finance cost rose 80 percent during the nine month period to Rs.1.56 billion from Rs. 869 million a year ago.
"The group’s finance costs rose in 2012 as interest rates increased during the year. A number of strategies are being implemented to address this. However with lower interest rates anticipated in 2013, the finance cost burden is expected to ease," he said.
The Board of Directors of Hayleys PLC comprises Messrs Mohan Pandithage (Chairman and Chief Executive), Dhammika Perera (Deputy Chairman), Rizvi Zaheed, Johnpillai Anandarajah, Nimal Perera, Sarath Ganegoda, Rajitha Kariyawasan, Dr. Harsha Cabral PC, Dr. Mahesha Ranasoma, Mangala Goonatileke, Ranil Pathirana and Lalin Samarawickrama.
source - www.island.lk
Amaya Leisure PLC, the Hayleys Group hospitality sector company that owns or manages several hotel properties, has reported strong revenue and profit growth for the nine months ending 31st December 2012.
Amaya Leisure PLC, the Hayleys Group hospitality sector company that owns or manages several hotel properties, has reported strong revenue and profit growth for the nine months ending 31st December 2012.
Profit before tax for the period grew by 36 percent to Rs 266.2 million on revenue of Rs 717.3 million, which was up 26 percent, the company said in a filing with the Colombo Stock Exchange. Net profit for the nine months reviewed was Rs 246.7 million, reflecting an improvement of 35 percent.
Basic Earnings per Share at the end of the 3rd quarter was Rs 5.14, as against Rs 3.80 for the corresponding period of 2010-11.
On the strength of these results, the Board of Directors of Amaya Leisure PLC has declared an interim dividend of Rs 4 per share for the period reviewed.
Commenting on the company’s performance in the current financial year, Amaya PLC Managing Director Lalin Samarawickrama attributed the results to the efforts made to build and position the Amaya Brand and its properties as a ‘Reflection of Sri Lanka.’ "The Brand is now well recognized by a wide spectrum of clientele in diverse markets in Europe, the Middle East and the Far East," he said.
Samarawickrama disclosed that the company’s intention is to double its room inventory within the next two to three years. "Our thrust is to acquire and manage more properties, building on the expertise that we have gained over the years," he said. "We endeavor to serve a wide range of customers at Amaya with personalized service, whilst also focusing on the niche ‘luxury’ segment."
The Amaya Resorts & Spas group currently consists of ‘Amaya Lake’ (Dambulla), ‘Amaya Hills,’ ‘Hunas Falls by Amaya’ and ‘The Bungalow by Amaya’ (all in Kandy), ‘Langdale by Amaya’ (Nuwara Eliya), ‘Coral Rock by Amaya’ (Hikkaduwa) and ‘Wild Trails by Amaya’ (Yala).
The company also has coastal developments planned in Nilaveli (Trincomalee) and at Wadduwa, and further prospective developments of wildlife adventure and lodging in Yala and Wilpattu.
source - www.island.lk
Profit before tax for the period grew by 36 percent to Rs 266.2 million on revenue of Rs 717.3 million, which was up 26 percent, the company said in a filing with the Colombo Stock Exchange. Net profit for the nine months reviewed was Rs 246.7 million, reflecting an improvement of 35 percent.
Basic Earnings per Share at the end of the 3rd quarter was Rs 5.14, as against Rs 3.80 for the corresponding period of 2010-11.
On the strength of these results, the Board of Directors of Amaya Leisure PLC has declared an interim dividend of Rs 4 per share for the period reviewed.
Commenting on the company’s performance in the current financial year, Amaya PLC Managing Director Lalin Samarawickrama attributed the results to the efforts made to build and position the Amaya Brand and its properties as a ‘Reflection of Sri Lanka.’ "The Brand is now well recognized by a wide spectrum of clientele in diverse markets in Europe, the Middle East and the Far East," he said.
Samarawickrama disclosed that the company’s intention is to double its room inventory within the next two to three years. "Our thrust is to acquire and manage more properties, building on the expertise that we have gained over the years," he said. "We endeavor to serve a wide range of customers at Amaya with personalized service, whilst also focusing on the niche ‘luxury’ segment."
The Amaya Resorts & Spas group currently consists of ‘Amaya Lake’ (Dambulla), ‘Amaya Hills,’ ‘Hunas Falls by Amaya’ and ‘The Bungalow by Amaya’ (all in Kandy), ‘Langdale by Amaya’ (Nuwara Eliya), ‘Coral Rock by Amaya’ (Hikkaduwa) and ‘Wild Trails by Amaya’ (Yala).
The company also has coastal developments planned in Nilaveli (Trincomalee) and at Wadduwa, and further prospective developments of wildlife adventure and lodging in Yala and Wilpattu.
source - www.island.lk
Wednesday, February 13, 2013
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