Seylan’s profits drop sharply
Seylan Bank’s net profit for the three months ended March 31, 2009 dropped sharply by 99.86% to Rs. 0.189 million from Rs.135 million from the corresponding period in 2008.
After the crisis at the Ceylinco Group, the bank was rescued by the Central Bank (CB) which brought in a new management. According to the bank’s income statement, the group’s net interest income decreased from 34.78%% for the first quarter of 2009 to Rs.1.13 billion from Rs.1.74 billion the previous year.
According to the accounts, non-interest expenses such as personnel costs and provisions for staff requirement benefits decreased by 9.60% and 68.72% respectively in the first quarter of 2009.
According to the group’s balance sheet, the total amount of deposits as at 31 March 2009 including demand, savings, time, margin and other deposits have decreased by 7.65% to Rs.101,765 million from Rs.110,198 million as at 31 December 2008. The total borrowings from the CB and other banks and financial institutions in Sri Lanka decreased by 7.25% from Rs.30,576 million as at 31 March 2009 from Rs.32,965 million as at 31 December 2008.
TFC loses amidst Ceylinco issues
The Finance Company (TFC), part of the Ceylinco Group, reported a net loss of Rs.1.322 billion for the three months ended 31 March 2009 compared to a net profit of Rs.32 million for the corresponding period in 2008. According to the company’s income statement, TFC reported a net loss of Rs.1.307 billion for the year ended 31 March 2009 compared to a net profit of Rs.662 million for the year ended 31 March 2008. TFC’s provision for loan losses increased to Rs.369 million for the first three months of 2009 compared to only Rs.32 million for the corresponding period in 2008. The company’s provision for loan losses also increased for the year ending 31 March 2009 to Rs.612 million from Rs.191 million the previous year. TFC’s total operating expenses decreased to Rs.511.4 million for the first three months of 2009 compared to Rs.554.5 million for the same period last year. Operating expenses also declined for the year ending 31 March 2009 to Rs.2.3 billion from Rs.2.4 billion the previous year.
Ceylinco Seylan net loss
Ceylinco Seylan Developments PLC recorded a net loss of Rs.56 million in the first quarter of 2009 compared to a net profit of Rs.14 million in the corresponding period last year. According to the company’s income statement, turnover for the period under review decreased to Rs.36.3 million from Rs.62 million in 2008.
The financial statements show that rent income increased to Rs.34 million in the first quarter of 2009 from Rs.33.1 million but other income declined to Rs.2.2 million from Rs.28.8 million in 2008. Other expenses increased to Rs.43 million from Rs.36.4 illion last year. The company’s total equity and liabilities decreased to Rs.3.5 billion in the first quarter of 2009 from Rs.3.7 billion the previous year.
United Motors shows loss
United Motors Lanka PLC consolidated accounts shows a net loss of Rs.90.9 million for the three months ending 31 March 2009 compared to a net profit of Rs.263 million in the same period last year. The company’s interim financial statement also shows a net loss of Rs.1.3 million for the year ending 31 March 2009 compared to a net profit of Rs.519 million for corresponding period in 2008.
Revenue for the three months ended 31 March 2009 was Rs.1.7 billion compared to Rs.2.6 billion the previous year. Gross profit for the same period was Rs.404 million, down from Rs.745 million last year. Distribution expenses increased to Rs.30 million from Rs.13 million in 2008 and other operating expenses also increased to Rs.99 million from Rs.9.5 million the previous year.
According to the financial statements, finance expenses increased in the first quarter of 2009 to Rs.281.9 million from Rs.175.2 million the previous year.
Loss at John Keells Hotels
John Keells Hotels PLC’s Group made a loss of Rs.220 million for the year ended 31 March 2009 compared to a loss of Rs.71 million the previous year.
According to the company’s income statement, revenue decreased from Rs.5.114 billion for the period under review from Rs.5.158 billion last year.
The group’s other operating income declined to Rs.29 million for the year ended 31 March 2009 from Rs.106 million in 2008. Administrative expenses, distribution expenses and other operating expenses increased although finance expense declined for 2009 to Rs.292 million from Rs.475 million.
According to the balance sheet, the group’s total equities and liabilities for the year ended 31 March 2009 was Rs.6.16 billion from Rs.6.12 billion in 2008.
Profits fall at Distilleries
The Distilleries Company of Sri Lanka (DCSL) reported a net profit of Rs.626 million for the first quarter of 2009 which is a 53.16% decrease from Rs.1.3 billion for the corresponding period in 2008. The company’s income statement shows an 8.11% increase in gross turnover for the same period to Rs.13.3 billion.
The cost of sales, benefits and losses decreased by 28.07% to Rs.5.4 billion in the first quarter of 2009. Investments and other income increased by 21.67% to Rs.1.9 billion.
Distribution costs increased by 27% to Rs.659 million in the period under review while administrative expenses also increased by 34.70% to Rs.2.1 billion. |
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