07-Nov-2012 Interim Financial Statements 30-09-2012

Interim Financial Statements for the period ended 30-09-2012 of the following companies have been uploaded on the CSE website.

CHEMANEX
http://www.cse.lk/cmt/upload_report_file/492_1352282371402.pdf

COMMERCIAL BANK OF CEYLON
http://www.cse.lk/cmt/upload_report_file/369_1352288425.pdf

SEYLAN DEVELOPMENTS
http://www.cse.lk/cmt/upload_report_file/617_1352286819.pdf

AVIVA NDB INSURANCE
http://www.cse.lk/cmt/upload_report_file/372_1352280233637.6.pdf

EXPOLANKA HOLDINGS
http://www.cse.lk/cmt/upload_report_file/1066_1352282540.pdf

CEYLON GRAIN ELEVATORS
http://www.cse.lk/cmt/upload_report_file/671_1352287766108.pdf

HNB ASSURANCE
http://www.cse.lk/cmt/upload_report_file/375_1352287268.pdf

NATIONS TRUST BANK
http://www.cse.lk/cmt/upload_report_file/387_1352286611.pdf

REGNIS(LANKA)
http://www.cse.lk/cmt/upload_report_file/682_1352280157503.pdf

THREE ACRE FARMS
http://www.cse.lk/cmt/upload_report_file/491_1352287626807.pdf

VALLIBEL POWER ERATHNA
http://www.cse.lk/cmt/upload_report_file/454_1352282362.pdf

Nov 07, 2012 (LBO) - Sri Lanka's Commercial Bank's profits rose 11.5 percent to 2.3 billion rupees in the September 2012 quarter from a year earlier, despite a steep rise in interest expenses, interim accounts showed.

The group reported earnings of 2.76 rupees per share. Group profits for the nine months to September were 9.16 rupees per share on total profits of 7.6 billion rupees, which rose 25 percent from a year earlier.

The stock closed at 103.80 rupees unchanged on Wednesday.

Interest income during the quarter rose 40 percent to 13.3 billion rupees and interest expenses rose at a faster 57 percent to 7.8 billion rupees, and the bank grew net interest income 21 percent to 5.5 billion rupees.

Loan loss provisions rose to 242 million rupees from compared to a write back of 180 million rupees a year earlier.

Fee income rose 2.2 percent to 1.58 billion rupees with forex income falling 51 percent to 276 million rupees.

Performing loans grew 12 percent to 310 billion rupees in the nine months to December. Non-performing loans grew 18.8 percent to 18.8 billion rupees in the period.

Group gross assets grew 12.9 percent to 498 billion rupees.

Commercial Bank is Sri Lanka's largest private bank.
http://lbo.lk/fullstory.php?nid=347651975

Nations Trust Bank (NTB) closed the 9 months with a post tax profit of Rs. 1,460Mn surpassing the comparative period of last year by 25 percent. Core-earnings posted good growth over 2011 with net revenue increasing by 19 percent, the bank said in a statement yesterday.

"All business pillars performed well in a controlled credit growth environment and contributed evenly to the bottom line. Specific challenges faced during the early part of the year with the rising interest rate scenario, devaluation of the currency and the changes in the

import tax structure for vehicles was well managed with prudent positioning of portfolios and timely execution of alternate strategies. Quarter on quarter post tax earnings also recorded good growth as a result of progressive revenue growth whilst managing expenses despite investments made on expansion of the delivery network and strengthening of the brand," NTB said.

"Maintaining net interest margins across the businesses was challenging due to the rising cost of funds and interest rate ceilings imposed on certain business lines. Internal pricing strategies to balance risk and rewards on customer assets were reviewed frequently to manage the margin pressure whilst the mobilization effort on deposits continued with emphasis given to acquire low cost deposits. The FIS portfolio also pushed up NII towards the latter part of the period under review, with the maturing of lower yielding securities being replaced with higher yielding assets. Net interest income for the 9 months recorded a growth of 16 percent, with NIMs fractionally falling below prior year levels.

"Non fund based income recorded a robust growth of 26 percent over the previous period. Changes to import tax regulations coupled with the depreciation of the rupee curtailed imports volume, and impacted the Bank’s Trade Finance income. However Credit cards income recorded a commendable growth of 38 percent stemming from both the acquiring and issuing businesses. New cards issuance expanded steadily during the year with both spend and receivables surpassing the comparative periods for the pervious year by 23 percent and 24 percent respectively. Forex income also recorded a notable growth as a result of currency volatility in the market.

"Group cost income ratio stood at 59 percent on par with the previous period. The increases in fuel prices and electricity tariff which occurred during the early part of the year has certainly escalated the operating cost base and the Bank has taken specific initiatives towards addressing the cost structures and processes to manage some of the key operational cost lines. Additionally, as part of its focus on cost efficiency and productivity measures, the Bank also took the first steps in digitalizing a number of its internal processes.

"A sound credit risk management framework in the Bank ensured a healthy NPL ratio of 2.97 percent compared to 2.79 percent reported in December 2011. Loan loss provisions which comprises of specific provision write-back and a general provision charge in line with the asset growth for the 9 months was comparatively higher than the previous period which recorded reversals on both categories.

"The Bank also managed to grow its loan book by 15 percent to Rs73Bn and deposits by 25 percent to Rs. 84Bn. With the credit ceiling limiting the expansion of the LKR loan book, some portfolios were prioritized whist maintaining a healthy distribution across customer, product and economic segments. The loan growth for the 9 months was on par with industry whilst deposit growth exceeded the industry. A significant portion of the funding of the asset book was through deposits which also improved the Loans to Deposit ratio, bringing in increased stability to the balance sheet. Driving low cost deposits continued to be challenging in the backdrop of rising interest rates. The substantial interest differential between savings and time deposits appealed to deposits holders seeking higher returns and a steep shift towards term deposits was seen across the industry. The Bank continued to drive its efforts on acquiring new CASA accounts through the branches and the sales teams.

"The capital position was at a sound Rs.9.6Bn with Capital Adequacy Ratios both at Tier 1 and 2 maintained at comfortable levels."
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=65527

Expolanka Holdings PLC increased its consolidated NPBT for 1H 2012/13 to Rs. 1,007 m, an increase of 17% over the corresponding period previous year of Rs. 861 m. The NPBT recorded for Q2 was Rs. 546 m, which is an increase of 23% over the corresponding year of Rs. 445 m.

The revenue at Rs. 12.64 b in the quarter and Rs. 23.04 b in the first six months of the financial year 2012/13 were 46% and 35 % above the Rs. 8.64 b and Rs. 17.06 b recorded in the corresponding periods in the previous year.

The Freight and Logistics sector recorded a NPBT of Rs. 443 million for Q2 and Rs. 768 million for the 1H. The Travel and Leisure sector recorded a NPBT of Rs. 87 m for 1H which is an impressive growth of 280%. The International Trading and Manufacturing sector recorded a NPBT of Rs. 111 m, a 112% growth, while the Investments and Services sector recorded a NPBT of Rs. 41 m.

Group CEO of Expolanka Holdings PLC Hanif Yusoof said: “The performance of the Group in the first six months was challenging, given the cost escalations emanating from setup costs related to new overseas ventures and from depreciation of currencies impacting costs. However, a variety of measures have been taken to mitigate these impacts. Despite the encouraging operational performance, some of the overseas companies in the group were impacted with an increase in income tax rates, resulting in an effect on the Group’s Net Profit attributed to its equity shareholders.”

The new overseas freight ventures started during the year are yet to reach budgeted profit levels. However, adequate focus and resources have been deployed to these ventures to achieve targets while further overheads were incurred in order to revamp the sector.

The Travel and Leisure sector recorded growth both in local companies as well as in newly-acquired Akquasun Holidays India. Expolanka’s immediate strategy of leveraging on synergies between inbound and outbound sectors mainly in Sri Lanka, India and Maldives, are now starting to bear results.

The Airlines GSA segment managed to increase the year-to-date profit levels by 33% with a 5% increase in
top-line while the tertiary education institute continues to grow in revenue and profits. Meanwhile, considerable investments made with a view to strengthening and adding value to the group by way of corporate services during the past one year impacted the sector performance to an extent.

Key Middle East markets in the International Trading and Manufacturing segment have become more conducive to business in comparison to last year. The tea segment had a notable increase in operational efficiency and bottom line thereby giving a boost to earnings from the Trading and Manufacturing sector.
http://www.ft.lk/2012/11/08/expolanka-holdings-1h-pre-tax-profit-up-17-to-rs-1-b/

thanks Sri.

Don;t you see more strong companies emerging during bad times ? Seems to be even stronger than better times during last year.

Aviva NDB Insurance has recorded consolidated revenue of Rs. 9,317 million in the first nine months of 2012 ending on 30 September. This was a 7% drop compared to the previous corresponding period as a result of a decline in sales volumes of investment-linked Life products combined with prudent General Insurance pricing.
Composite gross written premium income for the period was Rs. 6,608 million while Life GWP amounted to Rs. 4,788 million. Conventional products contributed 60% to Life GWP recording a growth of 4% over last year.

GI GWP was Rs. 1,820 million, a negative growth of 15% compared to the same period in 2011 as the business continued to focus on improved underwriting.

Focus on quality over the last two years has resulted in an improvement in the loss ratio reported by the GI business which in turn has led to an overall improvement of the combined operating ratio.

The Company recorded an investment income of Rs. 3 billion during the period under review in comparison with Rs. 2.1 billion for the corresponding period in 2011. Increase in income was mainly contributed by fixed income securities.

The Company’s consolidated profit after tax was Rs. 266 million. This was a commendable increase of Rs. 56 million compared to the corresponding period in the previous year. The surplus from the long-term insurance business is not included as this is determined annually after the year-end actuarial valuation and will be included in the full year results ending December 2012.

The interim financial statements for Q3 of 2012 were prepared on Sri Lanka Financial Reporting Standards (SLFRS) compliant basis with Aviva NDB becoming the first insurer to do so starting with first quarter results.
Aviva NDB Insurance Managing Director Shah Rouf expressed confidence in the strategies in place for balanced growth of the business and satisfactory performance, and said: “We look forward to sustainable profitable growth with AIA, who subject to completion will become our major shareholders this year. I am confident that we will deliver satisfactory results for 2012 maintaining the momentum that has attracted Asia’s leading life insurer to invest in our Company.”

Chairman T.R. Ramachandran said: “The considerable strengths of our business will be enhanced by the pan-Asian experience of AIA, as will our continued contribution to the development of the insurance sector in Sri Lanka.”http://www.ft.lk/2012/11/14/aviva-ndb-records-rs-9-3-b-consolidated-q3-revenue/