|
|
 |
 |
| Sunday, 23 March 2003 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
First Capital Treasuries record highest ever profit Sri Lanka's debt market activities are expected to grow further this year following improved economic conditions coupled with disciplined fiscal management policies, CEO, First Capital, Ajith Devasurendra said. The primary dealing community continued to benefit from plummeting government securities yields in 2002 as in 2001, with the benchmark one-year Treasury Bill rate steadily declining by 274 basis points, thereby exposing investors to capital gain opportunities, he said. First Capital Treasuries has recorded a significant growth last year posting the highest profit since incorporation with Net Profit rising to Rs. 214 million from Rs. 157 million in the previous year. This was an increase of 36 per cent, Devasurendra said in the 2002 annual report. The improved industry outlook with the decline in interest rates and the extension of the government securities yield curve helped market players strengthen their bottom lines. Devasurendra attributed this success to the company's staff and the technology which has been introduced and expanded to benefit customers. "Our focus last year was to consolidate already automated systems, with the last amount of human intervention from deal entry upto accounting. This year, we plan to contribute our best to develop the country's money markets. In this effort, we will be expanding business into other areas in the country by way of awareness campaigns," he said. The year 2002, witnessed some discipline in fiscal management. The budget deficit for the year was estimated to only Rs. 5 billion higher than the actual target. |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
