Corporate news

Lanka IOC posts highest net profit of Rs. 2,340 billion in 2007/08

Chairman, Lanka IOC S. V. Narasimhan said the company has done exceedingly well during the financial year 2007-08 ended March 31, 2008 by registering the highest ever net profit of Rs. 2,340 Billion.

The turnover of the company also stood at Rs. 44.760 Billion, which is expected to be the highest among the private companies in Sri Lanka for the period. The company has also achieved a pay-in of Rs. 340 million through its successful hedging transactions during the year. The company could also achieve borrowings from the banks at competitive interest rates and terms. The earnings of the company further improved due to building a good inventory of products when the prices were comparatively low. The dividends declared by the joint venture company, Ceylon Petroleum Storage Terminals Limited (CPSTL) and the income earned through product handling at our Trincomalee Terminal have also improved the bottom line.

Managing Director, K. Ramakrishnan said the financial year ended March 31, 2008 has proved to be the most successful year for the Company in terms of achieving the highest ever sales turnover of Rs. 44.760 Billion and net profit of Rs. 2.340 Billion.

The enhanced physical and financial performance levels are the most satisfying.

The year 2007-08 has also proved that the Company is capable to achieve further heights in the years to come.

Sinhaputhra posts Rs. 51.9 m net profit in 2007/08

Chairman/Managing Director, Sinhaputhra Finance Limited, Ravana Wijeyeratne said that the company had another satisfactory year - 2007/2008 and continued to make steady progress in financial performance during the year.

The net profit of the company was Rs. 51.9 Mn resulting in the net book value of a Sinhaputhra Ordinary share to increase from Rs. 56.39 to Rs. 60.55. He said that as at March 31, 2008 the company had an asset base of Rs. 3.4 billion and had enhanced its Equity by Rs. 66 Mn aided also by the issue of Preference Shares.

The Core Capital base of the company reached Rs. 309 Mn, a sum far in excess of the proposed statutory minimum requirement of Rs. 200 Mn.

He outlined some of the plans the company hopes to achieve for the year ahead which includes enlisting in the Colombo Stock Exchange, Introduction of Pawn Broking, Expanding the company's outreach, Phone Banking, SMS payments and joining an ATM network,a renewed focus on recoveries and tighter criteria for credit with immovable asset backed collateral wherever possible.

New GM at Taj Airport Garden Hotel

Mathew C. Thomas recently assumed duties as General Manager of the Taj Airport Garden Hotel in Seeduwa, taking over from Sanjay Singh who moves to India on a new assignment.

Thomas counts 28 years' experience in the hospitality industry with specialisation in Hotel Operations and Management and F&B Service. He joined the Taj Group of Hotels in 1980 and has enjoyed postings at the Taj Residency Ernakulam, Taj Residency Vishakapatanam, Taj Coromandel Chennai, Taj Malabar Kochi and the Taj Sheba Sana'a Yemen.






 

Rs.450 m LB Finance Debenture issue oversubscribed

LB Finance recently saw the successful conclusion of its second debenture issue; the Rs.450 million issue was oversubscribed at the time of closure, with over 290 applications requesting for debentures worth over Rs.450 million.

The Company offered 250,000 unsecured subordinated redeemable debentures of Rs.1,000 each to the value of Rs.250 million, extendable up to Rs.450 million in the event of oversubscription.

Funds raised would go into expanding the capital base of the Company in keeping with the capital adequacy standards of the Central Bank of Sri Lanka and also to mobilise medium term funds to match the medium to long-term lending of the Company.

Investors had a choice of four debenture options with LB Finance offering 21% per annum interest paid monthly, 24% per annum interest paid annually, a variable interest paid quarterly as well as annually.

The bulk of the investors who applied for the issue had opted for the first two options. "The company's inaugural debenture issue five years ago was an immense success and the overwhelming response to the second issue reaffirms the confidence that investors have in us," said Managing Director of LB Finance, Sumith Adhihetti.