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Sri Lanka Equity Forum » Stock Market Talk » Sri Lanka listed company profits slightly down in March quarter

Sri Lanka listed company profits slightly down in March quarter

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Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
June 06, 2014 (LBO) - Aggregate profits of listed Sri Lanka companies were down 2 percent from year earlier to 54.3 billion rupees in the March 2014 quarter though banks and hotels were showed profit gains, an equities research report showed.

CAL Research said in the December quarter aggregate profits rose 5.9 percent.
With 265 companies reporting, aggregate revenues had grown 7 percent to 473 billion rupees in the March 2014 quarter amid weak consumer spending, the report said.

CAL Research said aggregate earnings of the bank, finance and insurance sector grew 8 percent in the March 2014 quarter, compared to a 12 percent fall in profits last year.

Diversified holdings showed a profit gain of 5 percent to 13.7 billion rupees.

Profits of hotel and travels were up 18 percent to 4.5 billion rupees, amid a recovery in tourist arrivals.

Beverage food and tobacco was down 16 percent, chemicals and pharmaceuticals were down 163 percent largely on account of a net loss at CIC Holdings, footwear and textiles down 73 percent.

Though inflation was low in the past 12 months, the currency depreciated sharply in 2012 from 110 to 130 rupees to the US dollars. Credit growth has also been weak.

Though a consumption slowdown from weak credit is temporary, inflation effects of a devaluation permanently kill both real spending power and investible capital, economic analysts say.

Currency depreciation or the lack of sound money is the most powerful tool of impoverishing citizens in the hands of a modern state.
Fort the full year total profits were down 4 percent to 104 billion rupees.

The aggregate earnings were not adjusted for one-off items, CAL Research said. Piramal Glass had a 652 million rupee actual gain on a property sale, while Sri Lanka Telecom charged 673 million rupees after losing a court case.

Browns had an unrealized gain of 2.4 billion rupees and a 652 million rupee gain on disposal.

During the bubble years of 2010 and 2011, many companies showed profits from 'fair value' gains while others shifted assets around group companies including those with bigger minority shareholders to show profits, analysts say.

stevenapple


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
"Though inflation was low in the past 12 months, the currency depreciated sharply in 2012 from 110 to 130 rupees to the US dollars"
IMO Rupee will not be depreciate by this much in year to come.

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