By J. Kurukulasuriya
Ceylon FT: Lanka Orix Leasing Company PLC (LOLC) reported a group profit of Rs 1,986 million, a 12% improvement as compared to the corresponding previous period, in spite of a fall of 17% in revenue to Rs 11, 704 million, interim results for the nine months ending 31 December 2013, show.
The bottom line was boosted by acquisition of Beira Parawood Products (Private) Limited (Beira), in November 2013 by one of the subsidiaries of the LOLC group, resulting in a profit of Rs 72 million. Also in November 2013, the group disposed its stake of 76% in Royal Fernwood Porcelain group for a consideration of Rs. 300 million, resulting in a profit of Rs 6.6 million.
The shares in Royal Fernwood were purchased from Brown's Group of companies. As at 31December 2013, the group had a stated capital of Rs 475.2 million, broken into 475,200,000 shares.
It had reserves/retained earnings of Rs 19,508 million, giving a relatively high ratio of share capital to reserves of 1:41. Net assets per share stood at Rs 42, down from Rs 43.96 on 31 March.
Director R. M. Nanayakkara has the highest stake in the company with a 36% shareholding, while Orix Corporation holds 30%. Deputy Chairman I. C. Nanayakkara holds 13% as the 3rd largest shareholder. Other significant shareholders are the Employees' Provident Fund with a three per cent stake of 15 million shares. The Bank of Ceylon holds over 1.5 million shares.
The share price fluctuated between a high of Rs 80.50 and low of Rs 56 during the quarter ended 31 December.
www.ceylontoday.lk
Ceylon FT: Lanka Orix Leasing Company PLC (LOLC) reported a group profit of Rs 1,986 million, a 12% improvement as compared to the corresponding previous period, in spite of a fall of 17% in revenue to Rs 11, 704 million, interim results for the nine months ending 31 December 2013, show.
The bottom line was boosted by acquisition of Beira Parawood Products (Private) Limited (Beira), in November 2013 by one of the subsidiaries of the LOLC group, resulting in a profit of Rs 72 million. Also in November 2013, the group disposed its stake of 76% in Royal Fernwood Porcelain group for a consideration of Rs. 300 million, resulting in a profit of Rs 6.6 million.
The shares in Royal Fernwood were purchased from Brown's Group of companies. As at 31December 2013, the group had a stated capital of Rs 475.2 million, broken into 475,200,000 shares.
It had reserves/retained earnings of Rs 19,508 million, giving a relatively high ratio of share capital to reserves of 1:41. Net assets per share stood at Rs 42, down from Rs 43.96 on 31 March.
Director R. M. Nanayakkara has the highest stake in the company with a 36% shareholding, while Orix Corporation holds 30%. Deputy Chairman I. C. Nanayakkara holds 13% as the 3rd largest shareholder. Other significant shareholders are the Employees' Provident Fund with a three per cent stake of 15 million shares. The Bank of Ceylon holds over 1.5 million shares.
The share price fluctuated between a high of Rs 80.50 and low of Rs 56 during the quarter ended 31 December.
www.ceylontoday.lk
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