By J Kurukulasuriya
Ceylon Finance Today: Turnover increased 21% to Rs 471 million as Bogala Graphite Lanka PLC, showed a net profit after tax of 76 million to 30th September, up 878% from the corresponding 2013 period. Both sets of accounts are reported as unaudited. The company is engaged in the mining, processing, refining and sale of graphite. Profit for the entire 2013 year was 24.8 million.
"Net Exchange Gain/(Loss) shown separately in the Income Statement amounting to Rs 16.2 million for the 9 months ended 30th September 2014 comprises an unrealized exchange gain of Rs.19.1 million on the revaluation of the euro Loan amounting to One Million Two Hundred and Twenty One Thousand Two Hundred Fifty Five (euro 1,221,255).
Exchange loss for the comparative period was Rs 9.5Million, says the company's financial report for the 9 months" reports the company.
The company has a stated capital of Rs 80 million, with reserves of Rs 193 million. There has been no significant change in the nature of the contingencies and other commitments.
Last year, (ending 31 December 2013), the 30% increase in the electricity rates (announced in April) adversely affected the company's bottom line. "The pressure on profitability and cash generation was further aggravated by having to recognize an increase in royalty, by 2% of the FOB value, in November. The higher royalties were enforced retrospectively from October 2013," they reported.
Due to uncertainty about government regulatory changes in 2013, "capital expenditure plans have been temporarily reduced", they said. The Board has determined that Vijaya Malalasekera and Nissanka De Mel are independent directors in spite of serving on the board for more than 9 years, since they are not directly involved in the management of the company.
The land was revalued during the financial year 2013 by N.M. Jayathilake an independent valuer. The result of such revaluation was incorporated in these financial statements.
Such asset was valued on an open market value on an existing use basis without considering the mineral deposits and underground works.
The share price fluctuated between Rs 2.70 and 29.90 during the quarter. AMG MINING AG holds over 90% of the shares and the percentage held by the public is 9.6%. The Secretary to the Treasury holds 254,500 shares.
The 3rd and 4th largest shareholders of the company are both deceased persons, apart from others who may be deceased. Ceylon Today has drawn attention to this feature in past reports.
www.ceylontoday.lk
Ceylon Finance Today: Turnover increased 21% to Rs 471 million as Bogala Graphite Lanka PLC, showed a net profit after tax of 76 million to 30th September, up 878% from the corresponding 2013 period. Both sets of accounts are reported as unaudited. The company is engaged in the mining, processing, refining and sale of graphite. Profit for the entire 2013 year was 24.8 million.
"Net Exchange Gain/(Loss) shown separately in the Income Statement amounting to Rs 16.2 million for the 9 months ended 30th September 2014 comprises an unrealized exchange gain of Rs.19.1 million on the revaluation of the euro Loan amounting to One Million Two Hundred and Twenty One Thousand Two Hundred Fifty Five (euro 1,221,255).
Exchange loss for the comparative period was Rs 9.5Million, says the company's financial report for the 9 months" reports the company.
Unlike most listed companies who report up to 31 March annually, Bogala Graphite makes up its accounts to 31 December of each year.
Net finance costs were down 100% reflecting the current low interest environment. The most recent quarter showed a profit of Rs 35 million as opposed to a loss of 10 million in the corresponding 2013 quarter. Earnings per share jumped to Rs 1.61 from 16 cents for the 9 months.
Net finance costs were down 100% reflecting the current low interest environment. The most recent quarter showed a profit of Rs 35 million as opposed to a loss of 10 million in the corresponding 2013 quarter. Earnings per share jumped to Rs 1.61 from 16 cents for the 9 months.
The company has a stated capital of Rs 80 million, with reserves of Rs 193 million. There has been no significant change in the nature of the contingencies and other commitments.
Last year, (ending 31 December 2013), the 30% increase in the electricity rates (announced in April) adversely affected the company's bottom line. "The pressure on profitability and cash generation was further aggravated by having to recognize an increase in royalty, by 2% of the FOB value, in November. The higher royalties were enforced retrospectively from October 2013," they reported.
Due to uncertainty about government regulatory changes in 2013, "capital expenditure plans have been temporarily reduced", they said. The Board has determined that Vijaya Malalasekera and Nissanka De Mel are independent directors in spite of serving on the board for more than 9 years, since they are not directly involved in the management of the company.
The land was revalued during the financial year 2013 by N.M. Jayathilake an independent valuer. The result of such revaluation was incorporated in these financial statements.
Such asset was valued on an open market value on an existing use basis without considering the mineral deposits and underground works.
The share price fluctuated between Rs 2.70 and 29.90 during the quarter. AMG MINING AG holds over 90% of the shares and the percentage held by the public is 9.6%. The Secretary to the Treasury holds 254,500 shares.
The 3rd and 4th largest shareholders of the company are both deceased persons, apart from others who may be deceased. Ceylon Today has drawn attention to this feature in past reports.
www.ceylontoday.lk
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