04-May-2012 Interim Financial Statements - 31-03-2012

sriranga

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SINS, VFIN, CTC, REG, SFIN & TAJ - Financial Statements for the period ended 31-03-2012 have been uploaded on the CSE website.

SINS - http://www.cse.lk/cmt/upload_report_file/772_1336047947805.pdf

VFIN - http://www.cse.lk/cmt/upload_report_file/949_1336101893.pdf

CTC - http://www.cse.lk/cmt/upload_report_file/460_1336129926083.pdf

REG - http://www.cse.lk/cmt/upload_report_file/460_1336129926083.pdf

SFIN - http://www.cse.lk/cmt/upload_report_file/1041_1336130142851.pdf

Last edited by sriranga on Sat May 05, 2012 12:28 pm; edited 1 time in total (Reason for editing : Amended CSE Notification.)

sriranga · 2 Singer Sri Lanka revenue grows by over Rs. 1 b in Q1 Fri May 04, 2012 10:06 am

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The Singer Group, with revenue of Rs. 6.2 billion for the first quarter of 2012, expressed confidence in its continued growth. The growth was on top of very high growth in prior year.

Noting that group revenue rose by Rs. 1.1 billion in absolute terms and by 22% in percentage terms over the first quarter of the previous year, Singer Sri Lanka Group CEO Asoka Pieris stated that the organisation’s performance was despite the fact that consumer sentiments were affected by the rupee’s devaluation and sharp increase in electricity and fuel costs.

The growth in the Group’s revenue boosted its profit before tax by 11% and its profit after tax by 36%.
The Group’s outstanding performance was driven, in part, by a surge of sales in major product categories, signalling continued success in its mission to improve Sri Lankan lifestyles.
Singer…

For example, sales of refrigerators increased by 40% over the first quarter of 2011, while sales of domestic and artisan sewing machines improved by 25%. Other product lines which experienced significant increases were fans (74%), microwaves (501%), air conditioners (52%), kitchen appliances (55%), irons (229%), water pumps (45%) and bicycles (61%).

Continuing to prove that its dedication to enhancing Sri Lankan lives pays dividends, Singer Sri Lanka reaffirmed its commitment to a multi-brand marketing strategy. By giving consumers an unrivalled degree of choice, the Group is able to ensure that Sri Lankans get the products and services they want.

With more than 360 stores islandwide, Singer Sri Lanka also has the country’s most extensive retail network, giving shoppers unbeatable quality and selection at a conveniently close location. This value proposition is further enhanced by its wide-ranging service network, which ensures that customers anywhere in the country can feel secure with the knowledge that their purchases are backed up by the industry’s best after-sales service.

By continuing to enhance its product and service offerings, Singer Sri Lanka is confident that it will sustain its success in the year to come.
http://www.ft.lk/2012/05/04/singer-sri-lanka-revenue-grows-by-over-rs-1-b-in-q1/

sriranga · 3 Sri Lanka Taj hotel hit by liability dollarization Mon May 07, 2012 10:15 pm

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May 07, 2012 (LBO) - Profits of Taj Lanka Hotel Plc, a unit of India's Taj Hotels and Resorts Ltd, plunged 87 percent to just 6.7 million rupees in the March 2012 quarter due to exchange losses from a dollar loan.

Taj Lanka's revenues rose 6 percent to 450 million rupees in the December quarter and gross profits rose 25 percent to 142 million rupees from a year earlier, but finance costs rose 400 to 66.5 million rupees.

In the year to March 2012, revenues rose 19 percent to 1.64 billion rupees and cost of sales rose only 9 percent to 1.16 billion rupees, allowing gross profits to rise 55 percent to 475 million rupees.

But finance costs rose 371 percent to 97.5 million rupees. The hotel's cashflow statement showed a foreign exchange loss of 71.9 million rupees, during the past year.

Sri Lanka's rupee is pegged to the US dollar but it fell from around 110 to 130 levels over the past year as the Central Bank engaged in heavy sterilized sales of foreign currency and kept interest rates down.

Sri Lanka has a so-called soft-peg with the US dollar where the Central Bank tries to control both the exchange rate and interest rate, triggering periodic balance of payments crises, when credit growth, - especially government deficit spending - goes up.

During the 1990s Sri Lanka saw increasing deposit dollarization as people kept money in foreign currency accounts to help them escape foreign exchange controls and guard against currency depreciation.

But as tighter policy reduced currency depreciation, firms started to borrow in dollars as foreign currency interests were lower. The phenomenon known as 'liability dollarization' is symptomatic of soft pegged regimes, that start to gain credibility.

However a soft peg can break at any time, because the Central Bank can sterilize its interventions by printing fresh money, forcing a steep depreciation of the currency and massive losses to those who borrowed in dollars.

Taj Lanka has a loan from its parent and also a Sri Lanka based bank according its last annual report.

Hotels, however can price their services in dollars, and gain enough extra rupees to pay off loan installments over time.

Taj Hotels Plc closed at 30.10 rupees on Friday. The stock rose over 80 rupees during the 2011 stock market bubble.
http://lbo.lk/fullstory.php?nid=772729620

sriranga · 4 Singer Finance 4Q profits up 106% Mon May 07, 2012 11:18 pm

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Singer Finance announced impressive financial results for 4Q FY 2011/2012, recording a net profit of Rs. 46 mMillion, which is a growth of 106 percent over the same quarter of the previous year in the midst of a challenging business environment during the latter part of the quarter, the company said in a statement.

The company’s income increased by 47 percent in the fourth quarter from Rs 245.3 million to Rs 360.2 million. The income for the year ended March 2012 increased by 30 percent from Rs 970.6 to Rs 1,263.3 million. Profit for the full year increased by 79 percent, from Rs. 112 million to Rs. 201 million.

The company’s numbers were buoyed by an increase in the Leasing and Hire Purchase portfolio, which accounted for 61 percent of revenue for the last quarter and 58 percent of revenue for the year ended 31st March 2012.

Further, the costs in relation to revenue, demonstrated by an operating costs-to-income ratio of 42 percent - down from 44 percent for both the last year same quarter, and year on year.

Further augmenting the numbers were the company’s low Non-Performing Loans (NPL) Ratio, which stood at 0.47 percent during the FY 2011/2012. The NPLs are among the lowest in the industry. The Risk Weighted Capital Ratio of 17.36 percent too is well above the minimum regulatory requirement of 10 percent.

Singer Finance has zero exposure to shares and the stock market and is totally unaffected by the decline in share prices experienced currently, the company said.

Singer finance (Lanka) PLC was listed on main board of Colombo Stock Exchange and currently 24.94 percent of Shares are held by the public.

The company’s asset base currently exceeds Rs 6 billion.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=51336