Chevron Sri Lanka unit September net down 34-pct

ECONOMYNEXT – Chevron Lubricants Lanka’s net profit in the September 2017 quarter fell 34% to Rs657 million from a year ago.

Sales fell 12% to Rs.2.8 billion during the quarter while earnings per share (EPS) were Rs2.74, according to interim results filed with the Colombo stock exchange.

Chevron Lubricants Lanka’s share last traded at Rs112.70. EPS for the nine months to 30 September 2017 were Rs8.35 with sales down 10 percent to Rs8.2 billion from the year before.

The company announced a third interim dividend of Rs2.50.

Sri Lankan shares end lower for third session; block deals boost turnover

Reuters: Sri Lankan shares ended down for a third straight session on Thursday to hit near a one-week low, led by banking stocks while block deals boosted the turnover, brokers said.

The Colombo stock index ended 0.25 percent weaker at 6,555.46, its lowest close since Oct. 10. The stock, bond, and foreign exchange markets were closed on Wednesday for Diwali, the Hindu festival of lights.

“The market continue to be in the red zone with investors selling shares which gained in the past few days,” said Atchuthan Srirangan, senior research analyst, First Capital Holdings PLC.

“The retail investors are on the sideline as the market continued to be on the red zone. But turnover is boosted by some big deals.”

Shares of Hatton National Bank ended down 2.5 percent while the biggest-listed lender Commercial Bank of Ceylon Plc closed 0.5 percent weaker and Asiri Hospitals Plc finished 1.9 percent down.

Turnover was 1.1 billion rupees ($7.16 million), more than this year’s daily average of 939.9 million rupees.

Foreign investors were net buyers of shares worth 17.2 million rupees on Thursday extending the year to date net foreign inflow to 19.1 billion rupees worth of shares.

($1 = 153.6000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sherry Jacob-Phillips)

Sri Lanka’s CSE to rename Default Board as Watch List from 2018

LBO - Colombo Stock Exchange said it will rename the default board as ’Watch List’ with effect from January 2018 in line with the new enforcement procedures to the CSE listing rules.

Securities and Exchange Commission recently directed the CSE to give effect to the enforcement procedures to be implemented on listed companies in relation to the following from January 2018.

a) Violation of Corporate Governance Requirements;
b) Late submission or non-submission of interim financial statements;
c) Late submission or non-submission of annual reports;
d) Incidence of modified audit opinions in the audited financial statements; and
e) Incidence of an emphasis of matter on going concern in the audited financial statements

The enforcement procedures in respect of modified audit opinions and emphasis of matter on going concern is to be effective for all annual reports and audited financial statements released after 01 January 2018.

The CSE said it would take steps to incorporate the aforesaid enforcement procedures to the listing rules in due course.