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Overall market earnings growth for 1Q2015 slowed down to +2.2% Year-on-Year to Rs 53 billion, after growing 9.6% Year on Year during 4Q 2014. Trailing 12 month, market earnings grew by 19.4% Year-on-Year to Rs139 billion due to lower interest rates and improving disposable incomes (earnings declined-4% Year on Year previous year), a Capital Alliance Stockbrokers Research Report said.
In 1Q 2015, Banks, Finance & Insurance (34%), Diversified Holdings (21%) and Beverage, Food & Tobacco (13%) were the largest sector-wise contributors to market earnings. Stores and Supplies sector (+1850% Year on Year), Chemicals and Pharmaceuticals (+179% Year-on-Year) and Telecomm-unications (+102% Year-on-Year) had the largest growth, while Services (-746% Year-on-Year), Power and Energy (-187% Year-on-Year) and Plantations (-147% Year-on-Year) suffered the most.
The largest individual contributors to 1Q2015 earnings were John Keells Holdings (9.8%), Commercial Bank (4.8%), Ceylon Tobacco Company (4.7%) and Distilleries Company of Sri Lanka (3.9%). LIOC reported the largest absolute loss for the quarter (net loss of RS 1bn vs. net profit of RS. 723 Million in 1Q 2014) while Carsons and Bukit Darah saw net profit declines of 79% Year on Year and 80% Year on Year respectively. LIOC, Carsons and Bukit Darah's combined earnings accounted for 0.2% of market earnings in 1Q 2015 vs. 13% of market earnings in 1Q 2014. Excluding LIOC, CARS and BUKI, overall market earnings grew 17% Year on Year. The CSE currently trades on a Trading Twelve Months Price Earnings Ratio of 14.2x and a Present Book Value of 1.6x.
Courtesy: Ceylon Financial Times 08 June 2015
