Financial Times

Corporate profits ease

Company Reports

Carsons: Slight gains

The Carson Cumberbatch PLC Group had a net profit increase in the fourth quarter ended 31 March 2009 to Rs.3.35 billion from Rs.3.02 billion in 2008. According to the company’s interim report, the Group’s revenue also increased to Rs.16.80 billion for the period under review from Rs..15.24 billion last year. Total Group assets also increased to Rs.30.30 billion from Rs.28.16 billion in 2008. Total equity increased to Rs.19.22 billion from Rs.17.29 billion while the earning per share increased to Rs..20.97 from Rs.17.14.

The business segment statements for the group for the year ended 31 March 2009 show profits in investment holdings and financial services. Losses were made in the real estate, hotels and management services sectors. Profits declined over the previous year in oil palm plantations, beverage and airline sectors.

Singer profits ease

Singer (Sri Lanka) PLC’s net profit for the three months ended 31 March 2009 dropped to Rs.25.9 million from Rs.123 million the corresponding period last year. According to the company’s interim financial statements and a statement by Singer Chairman Hemaka Amarasuriya, Group revenue in the first quarter of 2009 declined by 22.9% to Rs.3.064 billion. “However, in comparison to the third quarter of 2008, when we saw early signs of a declining economy and the fourth quarter of 2008 where negative market trends aggravated further, our current quarter’s revenue remains stable in line with forecast,” he said.

“As we adjust to changing slow market conditions, I am pleased to report that we have been able to benefit from global trends in cost reduction for merchandise to improve gross margins to 39.6% while our single biggest expense line, selling and administrative cost has been successfully pruned down by Rs.108 million or 12.5% by systematic programme management,” Mr. Amarasuriya said. He added that though net finance cost remains high at Rs.329 million for the quarter under review, a gradual reduction of borrowing levels will ensure that this other key component of the cost structure, interest expense, will show a material decline from the second quarter onwards.

Agalawatte reports loss

Agalawatte Plantations PLC reported a net loss of Rs.68 million in the first quarter of 2009 end 31st March whereas the company made a net profit of Rs.44 million for the corresponding period last year. Consolidated turnover for the first quarter of 2009 was Rs.294.3 million, down from Rs.593.9 million the previous year.

The cost of sales was Rs.274.5 million for the period under review, less than Rs.463.1 million from the previous year but gross profit declined to Rs.19.7 million for the first quarter of 2009 from Rs.130.8 million in 2008.

Brown’s turnover rises

Brown & Company PLC made a turnover of just over Rs.7,001 million for the twelve months ended 31 March 2009, up from Rs.5,845 million for the corresponding period in 2008. The company made a profit of Rs.435.8 million compared to Rs.592 million the previous year.

The segmental data shows that the company’s trading business improved to Rs.488 million from Rs.476 million in 2008. The company’s travel and tours and finance business showed losses while pharmaceuticals and power and energy showed gains.

Sunshine Holdings profits fall

Sunshine Holdings PLC’s net profit decreased by 40% for the year ended 31 March 2009. The net profit for the period under review was Rs. 315 million, down from just over Rs.500 million for the corresponding period in 2008. The company’s revenue increased by 2% in 2009 to Rs.7.4 billion from Rs.7.2 billion but the cost of sales also increased by 6% to Rs.6.1 billion from Rs.5.7 billion in 2008. Gross profit decreased by 14% Rs.1.2 billion in 2009 from Rs.1.5 billion last year. According to the financial statements, other operating income increased by 97% in 2009 to Rs.202 million from Rs.102 million the previous year.

Loss at Galadari Hotels

Galadari Hotels Lanka PLC had a net loss of Rs.220 million in the first quarter of 2009, a decline of 341% over the previous year. Revenue was Rs.142.9 million, down from Rs.193.4 million in the corresponding period in 2008. The cost of sales declined to Rs.28 million in 2009 from Rs.31 million the previous year. Marketing costs also declined. However, the interim financial statements show that the exchange losses for the first quarter of 2009 was Rs.117.6 million from an exchange gain of Rs.41.3 million the previous year. Galadari also made a Rs.178.5 million loss from its operating activities compared to a profit of Rs.7.5 million in 2008.

Vallibel Power net down

Vallibel Power Erathna PLC’s net profit for the six months ended 31 March 2009 decreased by 64% to Rs.65 million from the corresponding period the previous year. The company’s revenue increased 1% for the period under review to Rs.111.1 million from the previous year. The cost of sales increased by 3% to Rs.16.8 million while administration expenses increased by 19% to Rs.19.7 million.

LMF shows loss

Lanka Milk Foods (CWE) PLC made a net loss of Rs.40 million for the year ended 31 March 2009 compared to a profit of Rs.256.7 million for the same period in 2008. According to the company’s consolidated provisional financial statements, turnover was Rs.3.4 billion in 2009, down from Rs.3.5 billion the previous year. The cost of sales was Rs.2.9 billion for 2009, a decline from Rs.2.8 billion in 2008. The gross profit for the period under review was Rs.526 million, down from Rs.713 million the previous year..

Renuka Holdings gains

Renuka Holdings PLC’s consolidated net profit grew by 4620% to Rs.542.7 million in the twelve months ended 31 March 2009 from Rs.11.4 million during the corresponding period in 2008. According to the group’s financial statements, turnover increased by 5204% to Rs.1.6 billion for the period under review.


 
Top to the page  |  E-mail  |  views[1]
 
Other Financial Times Articles
> Treasury takes over SLI
> Tourism Authority to meet foreign missions on travel advisories
> SC grants interim order on oil hedging case
> Single bid for Seylan Bank stake
> Hotels offering ayurveda services told to register
> Inflation direction uncertain
> COMMENT- Privatisation under scrutiny
> Consolidation in Sri Lankan banking sector overdue
> Review - Economic Wisdom For Babies
> Corporate profits ease
> Hotel sector stocks see growth
> Burglar alarms with robberies on the rise
> Window changed my life - Raigam Group founder
> CIMA Global President visits Amba Research
> Malaysia Airlines’ new Manager for Sri Lanka
> PM lashes out at foreign education institutes
> SLI privatization null and void, reverts back to the state
> New repayment plan for GK depositors-SC
> 1st quarter growth shows NDB Bank stability
> Top bankers call for reduced taxes
> HSBC named most valuable international banking brand
> Staff of Hayleys Group attached to the Ceylon Mercantile Union
> MTD Walkers profits up by 177%
> Sri Lankan invention scores at international science fair
> Built - Mech gets certified
> Pfizer-Hemas launch two new products
> Singer gets top brand status
> Coats Thread Lanka to fight fakes, counterfeits
> Fashion show on ‘positive dressing’

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2009 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution