Modestly capitalized but asset rich with Rs. 2.5 billion retained earnings
EB Creasy and Co. PLC, a modestly capitalized 84-year old company quoted on the Colombo Stock Exchange since 1968, has posted a pre-tax profit of Rs. 393 million in the year ended March 31, 2017, up 18% from a year earlier on a turnover of Rs. 4.1 billion (up 14% from the previous year) but seen a group loss of Rs. 301.6 million, down from a profit of Rs. 452.7 million the previous year.
The company chairman, Mr. A. Rajaratnam, has explained the group loss in the annual report to losses posted in their industrial products and leisure segments. He said that group turnover was Rs. 26.3 billion.
The company’s turnover had been driven by the fast moving consumer goods (FMCG) businesses, he said. But increased market interest costs and investment in working capital had pushed up interest costs 53% Rs. 193.8 million.
"Despite the increase in finance cost, the company reported a profit before tax of Rs. 393 million, and 18% increase over last year’s profit of Rs. 332 million. The profit after tax increased by 45% over the last year to Rs. 383.9 million," he said.
EB Creasy which joined the Ceylon Chamber of Commerce in 1890 is one of its first members. Modestly capitalized at Rs. 25.7 million, the company paid its shareholders a dividend of Rs. 36 per share during the year under review which the chairman said was 20% above the previous year.
Analysts noted that Creasy’s are among the top dividend payers among companies quoted on the CSE.
Controlled by the Colombo Fort Lands Group, with Colombo Fort Land and Building PLC holding 52.98% of the company with some of its associates and subsidiaries owning 15% more, the company has retained earnings of nearly Rs. 2.5 billion in its books. However its net current liabilities stand at over Rs. 1.1 billion.
Other than the Colombo Fort Lands Group, Dr. T. Senthilverl with 16.73% is the largest shareholder.
The illiquid EB Creasy share traded during the year under review at a high of Rs. 1,450 and a low of Rs. 950.10 closing at Rs. 1,447.90.
EB Creasy and Co. is mainly into the manufacture of consumer disposables, marketing of hardware and automotive accessories and solar power lighting systems for rural electrification. Quoted members of the group include Laxapana Batteries PLC, Lankem Ceylon PLC, Muller and Phipps PLC, Sigiriya Village Hotels PLC, Beruwela Resorts PLC, Marawila Resorts PLC and CW Mackie PLC.
There are also about three dozen unquoted subsidiaries in the EB Creasy group.
The directors of the company are: Messrs. A. Rajaratnam, Chairman, SDR Arudpragasam (MD), S. Rajaratnam, RCA Welikala, RN Bopearatchy, PMA Sirimane, AR Rasiah, SNP Palihena, Dr. AM Mubarak, AMdeS Jayaratne, R Seevaratnam and SW Gunawardena.
EB Creasy and Co. PLC, a modestly capitalized 84-year old company quoted on the Colombo Stock Exchange since 1968, has posted a pre-tax profit of Rs. 393 million in the year ended March 31, 2017, up 18% from a year earlier on a turnover of Rs. 4.1 billion (up 14% from the previous year) but seen a group loss of Rs. 301.6 million, down from a profit of Rs. 452.7 million the previous year.
The company chairman, Mr. A. Rajaratnam, has explained the group loss in the annual report to losses posted in their industrial products and leisure segments. He said that group turnover was Rs. 26.3 billion.
The company’s turnover had been driven by the fast moving consumer goods (FMCG) businesses, he said. But increased market interest costs and investment in working capital had pushed up interest costs 53% Rs. 193.8 million.
"Despite the increase in finance cost, the company reported a profit before tax of Rs. 393 million, and 18% increase over last year’s profit of Rs. 332 million. The profit after tax increased by 45% over the last year to Rs. 383.9 million," he said.
EB Creasy which joined the Ceylon Chamber of Commerce in 1890 is one of its first members. Modestly capitalized at Rs. 25.7 million, the company paid its shareholders a dividend of Rs. 36 per share during the year under review which the chairman said was 20% above the previous year.
Analysts noted that Creasy’s are among the top dividend payers among companies quoted on the CSE.
Controlled by the Colombo Fort Lands Group, with Colombo Fort Land and Building PLC holding 52.98% of the company with some of its associates and subsidiaries owning 15% more, the company has retained earnings of nearly Rs. 2.5 billion in its books. However its net current liabilities stand at over Rs. 1.1 billion.
Other than the Colombo Fort Lands Group, Dr. T. Senthilverl with 16.73% is the largest shareholder.
The illiquid EB Creasy share traded during the year under review at a high of Rs. 1,450 and a low of Rs. 950.10 closing at Rs. 1,447.90.
EB Creasy and Co. is mainly into the manufacture of consumer disposables, marketing of hardware and automotive accessories and solar power lighting systems for rural electrification. Quoted members of the group include Laxapana Batteries PLC, Lankem Ceylon PLC, Muller and Phipps PLC, Sigiriya Village Hotels PLC, Beruwela Resorts PLC, Marawila Resorts PLC and CW Mackie PLC.
There are also about three dozen unquoted subsidiaries in the EB Creasy group.
The directors of the company are: Messrs. A. Rajaratnam, Chairman, SDR Arudpragasam (MD), S. Rajaratnam, RCA Welikala, RN Bopearatchy, PMA Sirimane, AR Rasiah, SNP Palihena, Dr. AM Mubarak, AMdeS Jayaratne, R Seevaratnam and SW Gunawardena.
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