Business Times

First Capital 4Q10 group after tax profits double

The Schaffter family-controlled First Capital has released its unaudited annual financials as of end-March 2011, in which it revealed its group after tax profits rose 45% year-on-year to Rs. 990.26 million, while group after tax profits for the quarter nearly doubled (99% year-on-year) to Rs. 81.29 million.
At the same time, group yearly income fell by 33% year-on-year, to Rs. 1.82 billion, while group income for the quarter in question dropped by just 1% year-on-year, to Rs. 387.18 million. Additionally, it also emerged that earnings per share was Rs. 10.03 and net assets per share was Rs. 15.04.

This is despite "less conducive" conditions during 2010/2011 compared to the previous year, in which a "highly favourable bond trading environment resulted in exceptional profits by the group’s primary dealer arm," according to a statement by First Capital.

It also further revealed that "reported profits were boosted by an one-off gain from the sale of an associate company - Kotmale Holdings PLC amounting to Rs. 180 million and a decision in the company’s favour by the Inland Revenue Board of Review resulting in a tax reversal of Rs. 444 million." This latter sale being to Cargills Ceylon.

The First Capital Group includes primary dealer First Capital Treasuries, fixed income securities unit trust First Capital Wealth Fund, investment manager First Capital Asset Management, and listed equity and corporate paper margin lender and debt specialist First Capital Markets.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Movable property as collateral against loans
Europe, developing world battle over IMF post
Sri Lanka expects upward revision in sovereign ratings
Grand Oriental Hotel deal to be finalised in two months
Some 7,000 GK depositors receive 2nd repayment
CB to further clarify bank loan-for-stocks rule
Tokyo bourse team to visit SL tomorrow
Showers of blessings
Comment - Dilemma of university teachers
Not more regulation but conformity with ILO Conventions and Workers’ Charter essential
TRC in preliminary round to ring in number portability
Right of Rreply - ‘Most investors in Sri Lanka trade on inside information’
Leading Indian cancer care provider seeks investor in Sri Lanka
Further extension of brokers’ credit stuns small investors
NDB 1Q11 YoY Group PAT doubles
CDB fosters IT literacy in remote Jaffna school
Discussion on Carbon crisis at ST Business Club
Correction - “Now it’s Rs 5 mln an acre for Kuchchaveli Investors”
Motivational speaker Craig Valentine talks leadership in Colombo
Investors cry foul over changing rules overnight
ICASL new headquarters, costing Rs 360 mln on 40,000 sq feet
Biggest GDP growth between 2004:08 came from price hikes, not real economic growth : economics teacher
Double digit revenue drop, after tax loss at former Watapota
First Capital 4Q10 group after tax profits double
BOC expands in India targeting businessmen, 60,000 Sri Lankan refugees
DIMO 12-month group revenues up 179%
Oil prices hit a snag sky high!
First quarter GDP growth within targets: Central Bank
Parquet to launch hyper market for building material
Kingslake software to increase productivity of tea exporters
Uva Wellasa University architect ends term after trail-blazing adventure in education
New SriLankan Airlines A320 touches down in Colombo
Janaki appointed to World Bank committee on agriculture finance
CB ‘figures’ on war and post war
Maldives pulls out of New7Wonders of nature contest
Behavioural Economics or Social Marketing? The Latter!
Maldives a ‘technology lab’ towards reducing carbon in the world

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution