Sri Lanka’s Kelani Valley Sept quarter loss narrows sharply

ECONOMYNEXT - Sri Lankan regional plantation company Kelani Valley Plantations said its net loss for the September 2017 quarter narrowed sharply to Rs14 million from Rs168 million a year ago.

Sales rose 35% to just over Rs 2 billion during the period, according to interim accounts filed with the stock exchange.

The firm, part of the Hayleys group, made a gross profit of Rs222 million but its bottom line was still in the red owing to higher administrative costs and associate losses.

Kelani Valley made a loss per share of 41 cents in the quarter. The loss per share in the six months to September 2017 was 66 cents with sales up 45% to Rs4.5 billion.

The accounts showed that during the first six months the tea business returned to profit from a loss the year before while profits from rubber grew sharply.

Sri Lankan Treasuries yields fall across maturities

ECONOMYNEXT – Yields on Sri Lankan Treasury Bills fell across maturities at an auction Tuesday with the 01-year bill yield down 03 basis points to 9.48 percent from 9.51 percent last week, the public debt department of the central bank said.

The yield on the 03-month bill went down one basis point to 8.75 percent while that on the 06-month bill fell 02 basis points to 9.10 percent from 9.12 percent last week.

The public debt department got Rs21 billion worth of bids and accepted bid worth Rs7.5 billion.

Sri Lankan shares edge up; earnings, budget in focus

Reuters: Sri Lankan shares closed marginally higher on Tuesday in lacklustre trade as investors awaited cues from the September-quarter corporate results and the national budget scheduled to be presented next week.

The Colombo stock index closed 0.15 percent higher at 6,617.36, after two straight losing sessions.

“It was a sluggish day with investors awaiting for direction from earnings and the budget,” said Prashan Fernando, CEO at Acuity Stockbrokers.

Finance Minister Mangala Samaraweera will present the 2018 budget on Nov. 9.

Top lender Commercial Bank of Ceylon Plc gained 1.8 percent, while Hatton National Bank rose 2.0 percent. Ceylon Tobacco Co Plc climbed 1.5 percent.

Foreign investors bought shares net worth 166.7 million rupees ($1.1 million), extending the year-to-date net inflows to 20 billion in equities.

The session’s turnover was 732.5 million rupees, compared with this year’s average daily turnover of 942.3 million rupees.

($1 = 153.5500 Sri Lankan rupees) 

(Reporting by Shihar Aneez; Editing by Amrutha Gayathri)

Sri Lanka's Renuka Hotels to list on second board

ECONOMYNEXT - Sri Lanka's Renuka Hotels Plc, which operates a city hotel, is to list on the second board of the Colombo Stock Exchange.

The firm will list 40.29 million shares by through an 'introduction' process, the firm said.

Renuka Hotel operates a city hotel and is also known to have a stock portfolio, analysts said.

The second or 'Diri Savi' board has easier listing rules including on public float.

Sri Lanka sells 2 and 8 year bonds

ECONOMYNEXT - Sri Lanka has sold 10 billion rupees of 2 year 6 month bonds at 9.92 percent, and 15 billion rupees of 7 year 11 month bonds at 10.33 percent, the state debt office said.

The bonds have a settlement date of November 01.

Eight year bonds were last auctioned September 04, for 10.54 percent.

Secondary market yields have come down in recent weeks. 

Sri Lanka'a Amaya Leisure net down 87-pct

ECONOMYNEXT - Profits at Sri Lanka's Amaya Leisure Plc, a unit Sri Lanka's Hayleys group, fell 87 percent to 9.9 million rupees in the September 2017 quarter from a year earlier amid fall in revenues and higher administrative expense charge, interim accounts showed.

The group reported earnings of 19 cents per share for the quarter in accounts filed with the Colombo Stock Exchange. In the nine months to September, the group reported earnings of 94 cents per share on total profits of 48.9 million rupees down from 125 million rupees.

In the September quarter revenues fell 9 percent to 707.2 million rupees, but costs rose 3.5 percent to 348 million shrinking gross profits 18.9 percent to 358 million rupees.

Administration expenses charged to accounts rose 9.8 percent to 274 million rupees.

Income tax expenses fell to 6.7 million rupees from 11.3 million rupees.