Ceylon Finance Today: The Stock Market was reaping the benefits of a low interest rate and a low inflationary regime which saw listed company results in the quarter (Q) ended 30, September, 2015, witnessing their bottom lines grow, save one, in results thus far filed with the Colombo Stock Exchange (CSE) as at 12 Noon on Friday. The seven companies which had thus far filed quarterly results covered the financial services, food, chemicals and motor categories. Bottom line growth in the six profit making companies captured by......the CSE thus far ranged from within a low of 14% to a high of 1,661%.
Meanwhile, People's Leasing & Finance plc, a financial services company, in the 2Q ended 30 September, 2015 saw net profits (NP) grow by 13.66% year on year (YoY) to Rs 1,240 million, John Keells Stock Brokers (JKSB) said.
It further said that the company's net profits in the first half (1H) of the year to end 30 September, 2015 increased by 25.35% YoY to Rs 2,349 million. Growth in second quarter earnings were mainly supported by higher net interest income and lower impairment charges, JKSB in its report said.
The stock broking firm further said that Keells Food Products plc in the 2Q ended 30 September, 2015 saw NP grow by 79.55% YoY to Rs 95.50 million. JKSB also said that in the 1H ended end 30 September, 2015, Keells Food's NP grew sharply by 82.36% YoY to Rs 165.96 million. "Healthy revenue growth and robust margin expansion led to sharp earnings growth in the 2Q", said JKSB.
In related developments, "strong topline growth, coupled with margin expansion at the gross and operating level, resulted in Bairaha Farms plc achieving significantly higher quarterly earnings", JKSB said.
This saw Cold Stores increase their quarterly profits in the 2Q ended 30 September, 2015 by 129.13% YoY to Rs 706.47 million and half yearly NP by 106.76% YoY to a massive Rs 1,256.32 million.
In the financial sector, Union Bank, in the 3Q ended 30 September, 2015 saw NP grow by 51.13% YoY to Rs 76.69 million, while in the nine months ended 30 September, 2015, the Bank saw its NP increase by 84.59% YoY to Rs 144.71 million.
JKSB in its report on Union's performance said, strong loan book growth resulted in a healthy increase in interest income despite a contraction in NIMs, while increases in fee and commission income and net trading gains augmented total operating income. "These complemented by a steep reduction in total impairment charges, more than offset a significant increase in operating expenses, resulting in a sharp increase in earnings for the 3Q, said JKSB.
Meanwhile, Union Chemicals in the 3Q ended 30 September, 2015 saw NP grow by 82.88% YoY to Rs 21.08 million and in the nine months ended 30 September, 2015 by 92.63% YoY to Rs 68.45 million.
Autodrome in the 1H ended 30, September, 2015; saw NP decline by 17.4% YoY to Rs 14.95 million.
Meanwhile, People's Leasing & Finance plc, a financial services company, in the 2Q ended 30 September, 2015 saw net profits (NP) grow by 13.66% year on year (YoY) to Rs 1,240 million, John Keells Stock Brokers (JKSB) said.
It further said that the company's net profits in the first half (1H) of the year to end 30 September, 2015 increased by 25.35% YoY to Rs 2,349 million. Growth in second quarter earnings were mainly supported by higher net interest income and lower impairment charges, JKSB in its report said.
The stock broking firm further said that Keells Food Products plc in the 2Q ended 30 September, 2015 saw NP grow by 79.55% YoY to Rs 95.50 million. JKSB also said that in the 1H ended end 30 September, 2015, Keells Food's NP grew sharply by 82.36% YoY to Rs 165.96 million. "Healthy revenue growth and robust margin expansion led to sharp earnings growth in the 2Q", said JKSB.
In related developments, "strong topline growth, coupled with margin expansion at the gross and operating level, resulted in Bairaha Farms plc achieving significantly higher quarterly earnings", JKSB said.
The company in the 2Q ended 30 September, 2015 saw NP grow by 1,660.58% YoY to Rs 143.39 million and half yearly profits by 465.74% YoY to Rs 287.68 million. JKSB also reported that Ceylon Cold Stores plc witnessed a significant increase in earnings for the Q, driven by increased revenues and higher earnings margins from the manufacturing and retail segments.
This saw Cold Stores increase their quarterly profits in the 2Q ended 30 September, 2015 by 129.13% YoY to Rs 706.47 million and half yearly NP by 106.76% YoY to a massive Rs 1,256.32 million.
In the financial sector, Union Bank, in the 3Q ended 30 September, 2015 saw NP grow by 51.13% YoY to Rs 76.69 million, while in the nine months ended 30 September, 2015, the Bank saw its NP increase by 84.59% YoY to Rs 144.71 million.
JKSB in its report on Union's performance said, strong loan book growth resulted in a healthy increase in interest income despite a contraction in NIMs, while increases in fee and commission income and net trading gains augmented total operating income. "These complemented by a steep reduction in total impairment charges, more than offset a significant increase in operating expenses, resulting in a sharp increase in earnings for the 3Q, said JKSB.
Meanwhile, Union Chemicals in the 3Q ended 30 September, 2015 saw NP grow by 82.88% YoY to Rs 21.08 million and in the nine months ended 30 September, 2015 by 92.63% YoY to Rs 68.45 million.
The only fly in the ointment was Autodrome plc which provides ancillary services to the transportation industry. The company made a Rs 148,000 loss in the 2Q ended 30, September, 2015; compared to a Rs 8.71 million profit in the corresponding Q of the previous year.
Autodrome in the 1H ended 30, September, 2015; saw NP decline by 17.4% YoY to Rs 14.95 million.
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