Guardian Group reports Rs.2.29 bln profit in last fiscal year
View(s):Ceylon Guardian Group made investments worth Rs. 1.57 billion while on the other hand it sold stakes worth Rs. 2.77 billion in the last financial year making it a net seller in the market.
The investment fund, in its annual report ending March 31, 2013 said that it build a cash position of Rs. 2.69 billion in keeping with the strategy of divesting when investee companies share prices go beyond intrinsic prices.
“Looking forward, Guardian takes the position that in a growing economy good quality investment opportunities would come its way, and that managing volatility in the current environment would be a challenge that it would face,” it said in a statement.
The Ceylon Guardian Investment Trust PLC, an investment group which is part of Carson Cumberbatch, recorded a post-tax profit of Rs. 2.29 billion.
Guardian’s above average performance was attributed by the Investment Managers in their report to shareholders to “booking of profits on selected overvalued stocks, capturing market anomalies and thereby realising substantial capital gains despite volatile market conditions”.
Guardian’s portfolio as at end March is reported to be Rs.26 billion. The portfolio is managed by an in house professional team attached to Guardian Fund Management Ltd.
Guardian Group’s total portfolio value fell to Rs. 26.03 billion from Rs. 28.05 billion a year earlier, a depreciation of 7.2 per cent vis-à-vis a 5.8 per cent increase in the benchmark All Share Index and 10.3 per cent appreciation in the Standard and Poor’s Sri Lanka 20 Index.
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