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ERI coasts to half a billion profit after tax in 3Q
Environmental Resources Investments (ERI) has coasted to an impressive half a billion after-tax profit in the third quarter increasing its 2010/11 first nine months figure to Rs. 712.6 million in comparison to Rs. 5 million a year earlier.
Net profit attributable to equity holders in the 3Q ended on 31 December, 2010 was Rs. 486.6 million whilst the nine-month figure was Rs. 679 million, up from Rs. 4.9 million in the corresponding period of 2009/10 financial year.
Group pre-tax profit was Rs. 545,4 million in 3Q, up from Rs. 22.3 million a year earlier and Rs. 793 million for nine months against Rs. 5.3 million in the first nine months of last year.
ERI has been on course to record profit in 2010/11 from the second quarter onwards. The performance in the third quarter has reaffirmed this trend. In 2009/10 full financial year, net profit amounted to Rs. 109 million and end 3Q figure a near seven fold growth.
Group turnover in the 3Q was Rs. 797 million and Rs. 1.6 billion in the first nine months, significantly high in comparison to Rs. 5.6 million.
The huge difference in performance is ERI became a Group in the latter part of 2009/10 financial year and further expanding its portfolio in the early part of current 2010/11 financial year.
Primarily an investment company turning around distressed or underperforming entities via strategic acquisitions, ERI Group comprises Ceylon Leather Products, Dankotuwa Porcelain, Colombo Pharmacy in addition to stock broking (DNH Financial), investment and services including IT.
Group’s investment and services sector’s profit before tax was Rs. 584.6 million, manufacturing sector had posted a pre-tax profit of Rs. 157 million, stock broking’s figure was Rs. 45.6 million whilst that of pharmaceutical was Rs. 5.2 million.
Group assets as at 31 December, 2010 was Rs. 9.5 billion, up from Rs. 2.5 billion a year earlier and Rs. 3.4 billion as at March 2010. Total equity had increased to Rs. 8.5 billion from Rs. 2.4 billion and Rs. 3 billion respectively.
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DISCLAIMER: AS PART OF REPORTING ON LATEST NEWS ONLY-THIS POST SHOULD NOT BE CONSIDERED AS A RECOMMENDATION TO BUY/SELL/HOLD ANY STOCKS. DOING SO AND ANY RESULTING CONSEQUENCES WILL BE READERS' OWN.
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ERI coasts to half a billion profit after tax in 3Q
Environmental Resources Investments (ERI) has coasted to an impressive half a billion after-tax profit in the third quarter increasing its 2010/11 first nine months figure to Rs. 712.6 million in comparison to Rs. 5 million a year earlier.
Net profit attributable to equity holders in the 3Q ended on 31 December, 2010 was Rs. 486.6 million whilst the nine-month figure was Rs. 679 million, up from Rs. 4.9 million in the corresponding period of 2009/10 financial year.
Group pre-tax profit was Rs. 545,4 million in 3Q, up from Rs. 22.3 million a year earlier and Rs. 793 million for nine months against Rs. 5.3 million in the first nine months of last year.
ERI has been on course to record profit in 2010/11 from the second quarter onwards. The performance in the third quarter has reaffirmed this trend. In 2009/10 full financial year, net profit amounted to Rs. 109 million and end 3Q figure a near seven fold growth.
Group turnover in the 3Q was Rs. 797 million and Rs. 1.6 billion in the first nine months, significantly high in comparison to Rs. 5.6 million.
The huge difference in performance is ERI became a Group in the latter part of 2009/10 financial year and further expanding its portfolio in the early part of current 2010/11 financial year.
Primarily an investment company turning around distressed or underperforming entities via strategic acquisitions, ERI Group comprises Ceylon Leather Products, Dankotuwa Porcelain, Colombo Pharmacy in addition to stock broking (DNH Financial), investment and services including IT.
Group’s investment and services sector’s profit before tax was Rs. 584.6 million, manufacturing sector had posted a pre-tax profit of Rs. 157 million, stock broking’s figure was Rs. 45.6 million whilst that of pharmaceutical was Rs. 5.2 million.
Group assets as at 31 December, 2010 was Rs. 9.5 billion, up from Rs. 2.5 billion a year earlier and Rs. 3.4 billion as at March 2010. Total equity had increased to Rs. 8.5 billion from Rs. 2.4 billion and Rs. 3 billion respectively.
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DISCLAIMER: AS PART OF REPORTING ON LATEST NEWS ONLY-THIS POST SHOULD NOT BE CONSIDERED AS A RECOMMENDATION TO BUY/SELL/HOLD ANY STOCKS. DOING SO AND ANY RESULTING CONSEQUENCES WILL BE READERS' OWN.
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