First Capital Holdings PLC has posted profit after tax of Rs 339.9 million for the year ending March 31, 2014, a performance which the company says was, as expected, lower than the Rs. 494 million achieved the previous year, in which Rs 195 million had been recorded as extraordinary gains on the sale of investment securities, according to a press release.
‘Income improved by a modest 3.5 per cent to Rs 1.83 billion, the company said in a filing with the Colombo Stock Exchange, but net trading income fell by 4.7 per cent to Rs 614 million.
"Operationally, the Group has turned in a sound performance, although volumes were lower in some sectors of business due to market conditions," First Capital Holdings’ Managing Director Manjula Mathews said. "Although profit before tax at Rs 395.2 million reflects a reduction of 23.6 per cent, discounting the one-off capital gains of 2012/13, the Group’s pre-tax profit grew by more than 20 per cent."
‘She said the Group’s largest subsidiary First Capital Treasuries Limited was a major contributor to the results in terms of turnover and net profit, maintaining an optimal level of trading positions throughout the year. The company seized trading opportunities that arose from three policy rate cuts in the period under review, and was also active in the structuring and placement of corporate debt securities and in investment management.
‘However, the Group did not see adequate trading activities in the stockbroking division and margin trading operations were also stagnant, she said. The Group’s unit trust, First Capital Wealth Fund, surpassed the Rs 1 billion milestone at the end of the year and declared a dividend of Rs. 100/- per unit for 2013/14.
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‘Income improved by a modest 3.5 per cent to Rs 1.83 billion, the company said in a filing with the Colombo Stock Exchange, but net trading income fell by 4.7 per cent to Rs 614 million.
"Operationally, the Group has turned in a sound performance, although volumes were lower in some sectors of business due to market conditions," First Capital Holdings’ Managing Director Manjula Mathews said. "Although profit before tax at Rs 395.2 million reflects a reduction of 23.6 per cent, discounting the one-off capital gains of 2012/13, the Group’s pre-tax profit grew by more than 20 per cent."
‘She said the Group’s largest subsidiary First Capital Treasuries Limited was a major contributor to the results in terms of turnover and net profit, maintaining an optimal level of trading positions throughout the year. The company seized trading opportunities that arose from three policy rate cuts in the period under review, and was also active in the structuring and placement of corporate debt securities and in investment management.
‘However, the Group did not see adequate trading activities in the stockbroking division and margin trading operations were also stagnant, she said. The Group’s unit trust, First Capital Wealth Fund, surpassed the Rs 1 billion milestone at the end of the year and declared a dividend of Rs. 100/- per unit for 2013/14.
www.island.lk
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