The Investor Sentiment - Equity and investments forum for Sri Lankans
Search
 
 

Display results as :
 


Rechercher Advanced Search

Latest topics
» Thread for News on CSE and SL Economy
Today at 8:03 am by ruwan326

» Dividend Announcement
Yesterday at 11:13 pm by Afourer

» MTD WALKERS - KAPI
Fri Feb 22, 2019 8:33 am by ruwan326

» SHL.N0000 (Softlogic Holdings PLC)
Wed Feb 20, 2019 8:23 am by ruwan326

» Importance of 2019 government budget
Tue Feb 19, 2019 12:13 pm by කිත්සිරි ද සිල්වා

» Emir of Qatar on a private visit to Sri Lanka till February 22
Tue Feb 19, 2019 11:19 am by Backstage

» SAMP.N0000 (SAMPATH BANK PLC)
Tue Feb 19, 2019 5:26 am by lanka

» Happy Birthday
Mon Feb 18, 2019 12:27 pm by smallville

» දේවදත්තගෙන් අපායේ සිට මෛත්‍රී බුදුන් වහන්සේට එවන ලද ලිපිය...~~~
Fri Feb 15, 2019 8:24 am by ruwan326

» REXP.N0000 ( RICHARD PIERIS EXPORTS PLC)
Fri Feb 15, 2019 4:57 am by serene

» CONN.N0000
Wed Feb 13, 2019 8:09 pm by ruwan326

» SERV - The Kingsbury
Wed Feb 13, 2019 8:08 pm by ruwan326

» TPL.N0000 (TALAWAKALE PLANTATIONS )
Wed Feb 13, 2019 7:53 pm by ruwan326

» KVAL.N0000
Wed Feb 13, 2019 7:36 pm by ruwan326

» MGT.N0000
Wed Feb 13, 2019 7:29 pm by ruwan326

» HAYC - Haycarb
Wed Feb 13, 2019 7:24 pm by ruwan326

» DIPD.N0000 (Dipped Products)
Wed Feb 13, 2019 7:22 pm by ruwan326

» HAYL.N0000 Hayleys PLC
Wed Feb 13, 2019 7:16 pm by ruwan326

» අනං මනං! #/+?.<>
Wed Feb 13, 2019 7:55 am by කිත්සිරි ද සිල්වා

» මහජනතාව බල ගැන්වෙම්න් සිටී…
Tue Feb 12, 2019 8:23 pm by ruwan326

» VFIN - where the journey leads it?
Mon Feb 11, 2019 7:35 pm by ruwan326

» PLC.N0000 ( People's Leasing and Fiance PLC)
Mon Feb 11, 2019 7:31 pm by ruwan326

» LFIN - LB Finance
Mon Feb 11, 2019 7:25 pm by ruwan326

» Sri Lanka urged to develop own narrative of China’s BRI
Mon Feb 11, 2019 2:50 pm by Backstage

» Wonder why men send photos of their genitals? Here are some theories
Mon Feb 11, 2019 11:01 am by Backstage

» Flying is the Safest mode of Transport
Sat Feb 09, 2019 8:12 am by කිත්සිරි ද සිල්වා

» LLUB.N0000 (CHEVRON LUBRICANTS LANKA PLC)
Thu Feb 07, 2019 2:24 pm by Ethical Trader

» Lanka named top tourist destination for 2016
Wed Feb 06, 2019 2:29 pm by කිත්සිරි ද සිල්වා

» A Bit of History
Wed Feb 06, 2019 2:18 pm by ruwan326

» AMF.N0000
Thu Jan 31, 2019 6:56 am by serene

» IOC Sri Lanka unit December quarter loss widens to Rs987mn
Mon Jan 28, 2019 11:02 am by ruwan326

» මූර්ත පොළියෙන් ශ්‍රී ලංකාව අංක 1ට – බ්ලූම්බර්ග් අනාවරණය කරයි
Mon Jan 21, 2019 7:18 pm by nihal123

» Obituary Notice.
Mon Jan 21, 2019 7:14 am by කිත්සිරි ද සිල්වා

» Trading Journal
Sun Jan 20, 2019 5:53 am by serene

» LDEV - Lankem Developments
Fri Jan 18, 2019 2:11 pm by ruwan326

» විශිෂ්ඨ සිල්ලර වෙළෙන්දෙකුගේ ජීවිත කතාව
Thu Jan 17, 2019 12:15 pm by Ethical Trader

» AAIC.N0000
Wed Jan 16, 2019 9:50 pm by serene

» இனிய பொங்கல்
Tue Jan 15, 2019 9:15 pm by nihal123

» HUNA.N0000
Mon Jan 14, 2019 5:29 pm by Ethical Trader

» Blessing in Disguise!! It's high time Brothers!!
Sun Jan 13, 2019 11:35 am by serene

» Thread for News on Local and Foreign Politics
Sat Jan 12, 2019 8:26 am by ruwan326

» කෝටි 4620 ක බැඳුම්කර නීතියට පිටින් ශ‍්‍රී ලංකන්ට දීලා
Mon Jan 07, 2019 6:18 pm by Ethical Trader

» JINS.N0000 ( Janashakthi Insurance PLC)
Sun Jan 06, 2019 1:12 pm by smallville

» Thread for News on International Markets
Fri Jan 04, 2019 9:40 am by The Invisible

» අවුරුද්ද අප කයි - අපි අවුරද්ද කමු (ජනවාරි පළමුවැනිදා)
Tue Jan 01, 2019 6:23 pm by malanp

» සැන්ඩි එපා!
Tue Jan 01, 2019 6:01 pm by serene

» අසිරිමත් සුබ නව වසරකට ආසිරි !
Tue Jan 01, 2019 5:08 pm by PANTOMATH

»  වසරක කාලය තුළ ඉන්දියාවේ ඉහළම ආදායම් ලාභීන්
Mon Dec 31, 2018 2:47 am by nihal123

» අයදුමේ දී ඡායාරූප ‘ඇලවීම‘ අවශ්‍ය නැති ජාතික හැඳුනුම්පත ජනවාරි 01 සිට දිවයිනටම
Sun Dec 30, 2018 9:37 pm by lanka

» මැදපෙරදිගට පමණක්‘ පාස්පෝට් මින් ඉදිරියට නැහැ
Thu Dec 27, 2018 5:18 pm by Ethical Trader

February 2019
SunMonTueWedThuFriSat
     12
3456789
10111213141516
17181920212223
2425262728  

Calendar Calendar

Disclaimer


Information posted in this forum are entirely of the respective members' personal views. The views posted on this open online forum of contributors do not constitute a recommendation buy or sell. The site nor the connected parties will be responsible for the posts posted on the forum and will take best possible action to remove any unlawful or inappropriate posts.
All rights to articles of value authored by members posted on the forum belong to the respective authors. Re-using without the consent of the authors is prohibited. Due credit with links to original source should be given when quoting content from the forum.
This is an educational portal and not one that gives recommendations. Please obtain investment advises from a Registered Investment Advisor through a stock broker

Sri Lanka economic slowdown trims company profits, bank earnings grow

Go down

Sri Lanka economic slowdown trims company profits, bank earnings grow

Post by The Invisible on Thu Dec 06, 2018 1:32 pm

ECONOMYNEXT – Sri Lankan listed company profits fell 10 percent in the September 2018 quarter from a year ago on lower consumer spending as the economy lost steam but banks and insurers maintained growth momentum, a brokerage said.

Despite the drop in overall earnings there was continued growth in banks and insurance sectors, First Capital Holdings said in an equities research report on the performance of 267 listed firms.

September 2018 quarter earnings dipped by 10 percent to 54.3 billion rupees from a year ago.

The dip was “primarily owing to sluggish performance in Food, Beverage and Tobacco, Telecommunication and Materials sectors which outweighed the positive momentum experienced by Banks and Insurance (+217%YoY) sectors,” the report said.

Food, Beverage and Tobacco sector profits fell 31 percent in the September 2018 qurater from the previous year, Telecommunication sector profits fell 36 percent and that of the Materials sector slumped 68 percent.

Profits of banks grew 14 percent and that of insurance firms shot up 217 percent during the period, First Capital Holdings said.

“Lackluster performance in Food, Beverage and Tobacco, Telecommunication and Materials sectors was mainly owing to lower consumer spending stemming from subdued economic growth,” the report said.

The profits dip in Carsons and Bukit Dahar was due to a loss of 943 million rupees as a result of a change in fair value of financial assets, deferred tax of 442 million rupees and a 821 million rupee foreign exchange loss.

The decline in volumes as a result of a new sugar tax saw earnings at Ceylon Cold Stores fall 31 percent.

“Amidst the heavy depreciation in the rupee, Dialog Axiata recorded a forex loss which led to a 54 percent year-on-year decline in earnings leading to a 36 percent YoY dip in Telecommunication sector earnings,” the report said.

The 68 percent dip YoY in the Material sector earnings was attributed to the 90 percent slump YoY in earnings of Tokyo Cement due to the slowdown in economic activities, First Capital said.

But they said the banking and insurance sector earnings continued to grow.

Banking sector earnings posted a 14 percent YoY growth to 17.7 billion rupees while continuing to be the largest contributor to overall earnings.

Commercial Bank, Hatton National Bank and Sampath Bank, being the largest banks in terms of the asset base, contributed 72 percent to total banking sector earnings.

“Improved earnings during the quarter was a result of higher interest rates that prevailed in the market, thereby improving margins and spreads which negated the effect of an increase in impairment provisioning under IFRS 9,” the report said.

The two-fold growth in insurance sector earnings was owing to phenomenal growth in earnings of Union Assurance Ltd. (1.6 billion rupees) and Softlogic Life Insurance (2.3 billion) resulting from the reversal in deferred tax assets in life insurance business.
(COLOMBO, December 6, 2018)
The Invisible
The Invisible

Posts : 878
Join date : 2016-11-28
Age : 39

Back to top Go down

Re: Sri Lanka economic slowdown trims company profits, bank earnings grow

Post by nihal123 on Thu Dec 06, 2018 3:04 pm

Thanks Invi
nihal123
nihal123
Top contributor
Top contributor

Posts : 5277
Join date : 2014-02-24
Age : 52
Location : Waga

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum