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Sri Lanka Equity Forum » Stock Market Talk » Abans finance PLC in deep trouble?

Abans finance PLC in deep trouble?

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1 Abans finance PLC in deep trouble? on Thu May 31, 2018 6:42 pm

Wimal Modawansa

Manager - Equity Analytics
Manager - Equity Analytics
Abans Finance PLC PAT for 12 months to March 2018 declined to Rs 93 Mn MN ( 31%). (source-CSE records)

MD/CEO of Abans Finance PLC R A Nanayakkara, requested to quit (?) after continuous decline in profits.

Increase in bad loans and the resultant increase in impairment to Rs 223 Mn (18%) (source-CSE records) due to mis-management of COO Anura Fernando has been the reason for failure (?).

Hugh reconciled difference of Rs 130 Mn in the trial balance and dubious calculation of impairment calculation remains a concern.
                                                                 On the other hand Siyapatha Finance PAT for 3 months to March 2018 , increased to Rs 147.3 MN (60% increase).(annualized Rs 588 Mn.)(source-CSE records)

The share which was traded @ Rs 69.90 has even traded @ Rs 19.10 much below the acquired price of Ironwood Capital.(source-CSE records)

Minority shareholders are advised to be cautious.

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