By J. Kurukulasuriya
The Matara based Harishchandra Mills PLC whose main business is the manufacture and distribution of oils, food products and soaps, has reported a 37% jump in group net profits for the nine months ended 31 December 2013, to Rs 98 million as compared to the corresponding previous period, and within the group the company's profits were up 97%.
Group revenue increased by four per cent during the nine months. The group consists of Harishchandra Mills PLC and Harishchandra Mills (Distributors) Ltd. Segment wise the largest turnover came from food products 61%, while fuel and lubricants 26% and soap 12% also contributed to group turnover.
Relative to its scale of operations, the company has a very low share capital of less than Rs 10 million, which is relatively small compared to other listed companies on the Colombo Stock Exchange. The net asset value per share is relatively high at Rs 1,051 on 31 December 2013. Reserves amount to Rs 999 million, so that the ratio of share capital to reserves is a high 11,100%.
The stated capital is Rs 9,598,000 consisting of 959,800 ordinary shares. The shares traded at a price of between Rs 2,490 and Rs 1,925 each.
Of the three largest shareholders, Seylan Bank PLC holds 38% of the shares, while Upeka de Silva and Chitra Padmini Rodrigo each hold 14%. The percentage of shares held by the public is 14%. Of the directors, S. N. Samarasinghe, the managing director holds 3.99% of the shares.
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