The declining global gold prices has had a severe negative impact to the bottom line of Swarnamahal Financial Services,Chairman Jeevaka Edirisinghe said.
“Though the Financial Year 2014/15 has not been a profitable year the company was able to significantly bring down the net loss of Rs. 1,245 million suffered as a result of the continued drop in Gold prices in the world market during the previous financial year 2013/14 to a net loss of Rs. 258 million as at end of 2014/15.
Given the loss in 2013/14 and 2014/15, the Company’s Net Asset position deteriorated to a negative of Rs. 1,065 million as at March 31,2015. “Taking this into consideration the Board has decided to raise capital to address the net liability position of the company.”
www.dailynews.lk
“Though the Financial Year 2014/15 has not been a profitable year the company was able to significantly bring down the net loss of Rs. 1,245 million suffered as a result of the continued drop in Gold prices in the world market during the previous financial year 2013/14 to a net loss of Rs. 258 million as at end of 2014/15.
Given the loss in 2013/14 and 2014/15, the Company’s Net Asset position deteriorated to a negative of Rs. 1,065 million as at March 31,2015. “Taking this into consideration the Board has decided to raise capital to address the net liability position of the company.”
www.dailynews.lk
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