Sri Lanka Chevron unit net up 7.3-pct amid flat revenues

Feb 24, 2014 (LBO) - Profits at Chevron Lubricants Lanka Plc, rose 7.3 percent to 590 million rupees in the December 2013 from a year earlier, helped by falling input costs, interim accounts showed.

The firm reported earnings of 4.92 rupees per share for the quarter. In the year to December 2013 the firm reported earnings of 21.10 rupees per share.

Chevron Lubricants said revenues fell 1.3 percent to 2.8 billion rupees but costs fell at a faster 6.5 percent to 1.83 billion rupees allowing gross profits to grow 10.2 percent to 985 million rupees.

The firm had earlier said demand was slow amid a weak economy.

Sri Lanka's thermal energy production had picked up over the past few months, which usually results in higher demand for lubricants.

Sri Lankan stocks dip to over 8-wk low; index oversold

Feb 24 (Reuters) - Sri Lankan shares fell for an eighth straight session on Monday to their lowest close in more than eight weeks, led by large caps amid foreign selling in risky assets as the index fell into oversold territory.

The main stock index fell 0.91 percent, or 54.23 points, to 5,883.05, its lowest close since Dec. 27.

The index has dropped 4.84 percent in the last 14 sessions, erasing all the gains made since start of this year. It is down 0.50 percent so far this year, following a 4.8 percent gain in 2013.

The index has fallen into overbought territory, Thomson Reuters data showed.

Foreign investors sold a net 24.1 million rupees ($184,000) worth of shares on Monday, extending the outflow to 5.90 billion rupees in the past 12 sessions as some offshore funds exited the market.

The bourse has seen 3.90 billion rupees of foreign outflows so far in 2014, after enjoying net inflows of 22.88 billion rupees last year.

Analysts said investors were concerned over possible further foreign outflows, though local investors are still optimistic about risky assets due to falling interest rates.

Shares of market heavyweight Ceylon Tobacco Company Plc fell 3.28 percent to 1,119.60 rupees while top conglomerate John Keells Holdings fell 1.55 percent to 209.00 rupees.

The day's turnover was 499.4 million rupees, well below this year's daily average of about 1.13 billion rupees. 

($1 = 130.9500 Sri Lanka rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair)

Sri Lanka stocks plunge 0.9-pct

Feb 24, 2014 (LBO) – Sri Lanka stocks plunge 0.91 percent Monday continuing the downward trend with losses in the tobacco and diversified stocks, brokers said.

The Colombo benchmark All Share Price Index closed 54.23 points lower at 5,883.05, down 0.91 percent. The S&P SL20 closed 29.82 points lower at 3,208.00, down 0.92 percent.

Turnover was 499.40 million rupees, down from 1.07 billion rupees last Friday, with stocks of 116 firms closing in the red against 53 gainers.

Index heavy JKH topped the turnover list with 154.25 million rupees of market transactions contributing to 31 percent of the daily turnover.

The aggregate value of all off market deals only accounted for 12 percent of the daily market turnover.

JKH shares and warrants also attracted most number of trades during the day.

Foreigners bought 145.81 million rupees worth shares while selling 169.93 million rupees of shares.

Ceylon Tobacco Company closed 38.00 rupees lower at 1,119.60 rupees and JKH closed 3.30 rupees lower at 209.00 rupees, contributing most to the index drop.

JKH’s W0022 warrants closed 1.60 rupees higher at 58.00 rupees and its W0023 warrants closed 10 cents higher at 61.10 rupees.

Bukit Darah ended 15.00 rupees lower at 560.00 rupees and Commercial Leasing and Finance closed 20 cents lower at 3.90 rupees.

Nestle Lanka ended 20.90 rupees lower at 2,000.00 rupees and Distilleries closed 1.00 rupee lower at 207.00 rupees.

Commercial Bank closed 40 cents lower at 114.50 rupees and Lanka Orix Leasing Company closed 80 cents higher at 75.00 rupees.

Dialog closed 10 cents lower at 9.10 rupees and Sri Lanka Telecom closed 90 cents higher at 42.90 rupees.