SIRA - Interim Statement

Monster · 1 SIRA - Interim Statement Fri Jun 10, 2011 8:40 pm

Monster

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http://www.cse.lk/cmt/upload_report_file/685_1307696436404.pdf

Profit for the year --> Rs 55.1 million
Annual EPS --> Rs 0.10

kam2011 · 2 Re: SIRA - Interim Statement Fri Jun 10, 2011 9:00 pm

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Thank you monster, it is very useful for me. You , Gaja,seyon and few others help the members a lot giving impotant information timely. +rep from me.

smallville · 3 Re: SIRA - Interim Statement Fri Jun 10, 2011 10:39 pm

smallville

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EPS declined from 0.2 to 0.1...
This time no Share of Profit of Associate Company added to the revenue and Selling & Distribution Expenses was almost doubled which caused less profit..

I see the income tax figure is added to the profits so I dont get what it says on item no 5;
(5) The previous period figures have been reinstated to conform with current presentation.

Was this a tax reversal?

tubal · 4 Re: SIRA - Interim Statement Fri Jun 10, 2011 11:13 pm

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Now where are all those pundits who said this is the best cable company in the whole wide world?

and this is what I said in march:
http://forum.srilankaequity.com/t2248-sira-rally-continues#14934
http://forum.srilankaequity.com/t2197-papsira-possible-winners-on-monday#14569

Monster · 5 Re: SIRA - Interim Statement Fri Jun 10, 2011 11:44 pm

Monster

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tubal wrote:Now where are all those pundits who said this is the best cable company in the whole wide world?

and this is what I said in march:
http://forum.srilankaequity.com/t2248-sira-rally-continues#14934
http://forum.srilankaequity.com/t2197-papsira-possible-winners-on-monday#14569

Thumbs up tubal. If you search this forum, you will find plenty of topics regarding this company. Now it's crystal clear, it's an extremely overvalued share. Very few people talk about ACL and KCAB. Compare to SIRA, ACL and KCAB are much more better.

ps: I do not hold any cable companies in my portfolio.

Carolis · 6 Re: SIRA - Interim Statement Sat Jun 11, 2011 12:07 am

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Monster wrote:

tubal wrote:Now where are all those pundits who said this is the best cable company in the whole wide world?

and this is what I said in march:
http://forum.srilankaequity.com/t2248-sira-rally-continues#14934
http://forum.srilankaequity.com/t2197-papsira-possible-winners-on-monday#14569

Thumbs up tubal. If you search this forum, you will find plenty of topics regarding this company. Now it's crystal clear, it's an extremely overvalued share. Very few people talk about ACL and KCAB. Compare to SIRA, ACL and KCAB are much more better.

ps: I do not hold any cable companies in my portfolio.

Where is Rajitha and UKboy. I'm so looking forward to see their comments. Smile

There was a clash few months back.

cse.alpha · 7 Re: SIRA - Interim Statement Sun Jun 12, 2011 3:37 pm

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SIRA FY11 results are poor, but accuracy of its interim results seems even worse.

SIRA reported FY11 profit of Rs 55 m, with FY11 EPS of 10 cents (vs FY10 profit of Rs 108 m) - but it says its 2H11 profit was Rs 80 m, down only marginally from Rs 83 mn in 2H10.

Based on that, SIRA should have made 1H11 loss of -Rs 25 m, and 1H10 profit of Rs 28 m.

Problem is, SIRA 1H11 financials give 1H11 profit as Rs15 m, and 1H10 profit as Rs 47 m - so what do we believe? What should we believe in future?

If SIRA really made 2H11 profit of Rs 80 m, this gives 6-mth EPS of 15 cents, which is more respectable, although a tax reversal has happened in 2H11.

But when you can't trust the quality and accuracy of the interim results, the company's fair valuations should be marked down.

I haven't studied the company in detail, so cannot compare outlook and valuations with rivals ACL and KCAB.

SIRA's long term diversification plans into power and leisure aside, this company's main attraction is its 'penny share' nature, which sometimes attracts traders who disregard fundamentals and are not bothered with accuracy of interim results.

I notice Browns Investments has bought 5.55% in SIRA during 2H11, buying around 30 m shares.