Piramal Glass PLC 2Q sale drop 6.3%

Piramal Glass PLC 2Q sale drop 6.3%

2nd Quarter 2013 Piramal Glass

Piramal Glass Ceylon PLC (PGC) has announced that its first half year results for the Financial Year 2013-14 has a dip in both the turnover and the operating profitability.

Piramal Glass six month price 6.70 - 5.10 rupees

The sales were at Rs. 2,476 million as against Rs. 2,631 million in the H1 of the previous year and the PAT at Rs. 376 million as against Rs. 412 million of the same period during the previous year.

The half year sale saw a drop of 6% which was attributed to a decline of 11% in the domestic market, and growth of 8% in the export market, when compared to the corresponding six month period of that of the previous year.

The company achieved a sale of Rs. 1, 253 million in Q2 F2014 as compared to Rs. 1,338 million in Q2 of F2013. The main reason for the decline in sale was due to the decline in domestic sales by 18% from Rs. 1,068 million to Rs. 875 million. The main sectors affected in the domestic market were the Food, Beverage and Liquor segments.

The export sale saw a growth of 39% during the quarter from Rs.270 million of Q2 F13, to Rs.377 in Q2 F14. “It was encouraging to note the development of new markets growing over 100% as against the similar quarter of the previous year. Also amidst the Indian Rupee Depreciation which has adversely impacted the Sri Lankan Exports to India, PGC managed to maintain its Export volume to India by discounting the prevailing prices. Yet this impacted the margins”, said Managing Director and CEO of Piramal Glass, Sanjay Tiwari.

The Gross Profit was at 18% as against the 30% achieved during the similar period of the previous year. According to Tiwari, the main contributor towards this drop was the high electricity tariff increase which affected the production cost directly and indirectly due to increased Raw Material Costs, Packing Material and reduction in production volume due to low off take in the domestic market, which increased the cost of production.

The PBT as at 30th September 2013 was Rs. 388 million, which included Rs. 297 million of land sale profit. Thus, the Operational PBT was Rs. 91 million as against the PBT of Rs. 420 million in H1 of FY13.

Piramal Glass Ceylon Profile

• Piramal Glass Ceylon (Formerly Ceylon Glass Company) is the only glass bottle manufacturing plant in Sri Lanka. 
• It had the opportunity of coming under the umbrella of Piramal Group in 1999. Located in Horana, it has been in existence for over 55 years. 
• The company originally at Ratmalana was relocated at Horana in 2007 as a BOI venture under the auspices of ‘300 factory programme of Mahinda Chintana’.

PGC at its 250 Tonne Capacity Manufacturing Facility has the capability to offer glass containers in different shapes and colours for multiple industries such as Food, Liquor, Pharmaceutical, Agro Chemical and Soft drinks.

The Piramal Group led by Ajay G. Piramal is one of India’s foremost business conglomerates. Driven by the core values of Knowledge Action Care, the Piramal Group has a formidable presence in healthcare, drug discovery & research, glass, real estate and financial services. The Piramal Group also pursues sustained community activities in healthcare, education, emergency medical services, and heritage restoration.

Pada 6:12 AM Komentar

Sampath Bank first half Profit bofore tax Rs.2.4bn

Sampath Bank first half Profit bofore tax Rs.2.4bn

2nd Quarter 2013 Sampath Bank

Sampath Bank Group, which consists of Sampath Bank and four subsidiary companies, has recorded a profit before tax of Rs.2.4bn for the first half 2013 with the Bank recording a profit before tax of Rs.2.26bn. The post-tax profit of the group and the bank for the same period amounted to Rs.1.71bn and Rs.1.61bn respectively. The financials of the bank for the period was audited by the external auditors.

The Bank said the results were achieved amidst many challenges posed by the external market forces, which included excess liquidity, lower credit demand and worldwide decrease in gold prices. In addition, two main issues, namely the drop in FX revaluation gains and additional impairment provisioning made on pawning advances during the period, adversely impacted on the profit growth of the Bank, despite the strong growth recorded in key core banking income areas such as net interest income and commission income.

Revaluation gain

The revaluation gain of Rs.1.4bn recorded in the first half 2012 on the Foreign Currency Reserves of the FCBU, turned out to be a revaluation loss of Rs.28.8m in the first half 2013, which figures are reported under “Other Operating Income” of the published accounts. This was solely due to the significant depreciation of LKR by Rs.20.00 during the 1H 2012, as against the appreciation of LKR by Rs.0.90 during the 1Q2013, in which period bulk of the FC reserves held was converted in to LKR.

Pawning provision

The Bank also booked an impairment provision on pawning advances amounting to Rs.989m during the 1H2013. This provision has been computed taking into account the gold prices that prevailed as at June 30, 2013. The provision covers not only the “fallen due” category, but also the performing category. In fact, two thirds of the above mentioned provision, amounting to Rs.646m was on account of the performing pawning advances. Total impairment provision on pawning advances was about 1.66% of the total amortized cost of pawning portfolio of Rs.59.4bn of which included capital and interest receivable.

Net interest income

Net Interest Income of the Bank, which is the main source of income from the fund based operations and representing over 50% of the total operating income, rose from Rs 5,445.8m in the first half 2012 to Rs.6,870.9m in first half 2013, recording a significant growth of 26.2%.

Business growth

The growth rates in deposits, advances and total assets recorded by the Bank during the first half 2013, which amounted to 9.3%, 11.2% and 10.6 % respectively, compared well with the industry’s growth rates of 7.92%, 3.35% and 7.98% recorded in the respective areas during the period.

Statutory liquid asset ratio

This ratio marginally rose from 22.40% as at 31.12.2012 to 23.00% as at 30.06.2013. Though this ratio was somewhat above the minimum requirement of 20%, it was not as high as the industry average of around 29.2%, due to the prudent trade-off maintained by the bank between its liquid and earning assets

Pada 10:08 PM Komentar

Dialog Axiata Group has recorded strong growth 2nd Q 16.5b

Dialog Axiata Group has recorded strong growth 2nd Q 16.5b

2nd Quarter 2013 Dialog

Strong Growth

The Dialog Axiata Group has recorded strong growth in revenue across all segments to reach Rs. 15.6 b in Q2 2013 and Rs. 30.9 b for 1H 2013 respectively, representing an increase of 3% Quarter-On-Quarter (QoQ) and 15% year-to-date (YTD).

Group Earnings Before Interest, Tax, Depreciation and Amortisation increased by 1% QoQ to be recorded at Rs. 5.05 b in Q2 2013. The performance of Q1 2013 is inclusive of the positive impact of a TDC (Telecommunications Development Charge) refund of Rs. 429 m. Group EBITDA for 1H 2013 was posted at Rs. 10 b up 9% YTD, yielding an EBITDA margin of 33%.

Non-operational performance below EBITDA was characterised by non-cash translational foreign exchange losses amo-unting to Rs. 856 m for Q2 2013 following the depreciation of the SLR relative to the USD by 2.8% QoQ.

Foreign exchange loss impact

• Non-cash transnational foreign exchange loss, Group Net profit for Q2 2013 was posted at Rs. 950 m exhibiting a contraction by 40% QoQ. 
• Group Net Profit for 1H 2013 was recorded at Rs. 2.5 b, compared to a net profit of Rs. 349 m in the corresponding period in 2012 which was similarly impacted by an exceptional non-cash translational foreign exchange loss of Rs. 2.9 b. 
• Group NPAT post normalisation for the non-cash foreign exchange loss was recorded at Rs. 1.8 b and Rs. 3.4 b for Q2 2013 and 1H 2013 respectively.

Mobile sector provide 87% contribution and 8 Million Subscribers

Dialog Axiata PLC, featuring the mobile, international and tele-infrastructure segments of the Group portfolio, continued to contribute a major share (87%) of Group revenue and (88%) of Group EBITDA.

Underpinned by the contribution from its eight million strong mobile subscriber base, Company revenue grew by 3% QoQ to reach Rs. 13.7 b, with revenue for 1H 2013 being recorded at Rs. 27.1 b, up 13% relative to 1H 2012. During Q2 2013, the company earned the distinction of becoming the first operator in South Asia to launch 4G FD-LTE high speed mobile broadband services.

Company EBITDA for Q2 2013 reached Rs. 4.4 b representing stable performance in accounting terms and substantial growth on normalized basis relative to the previous quarter during which a TDC (Telecommunications Development Charge) refund of Rs. 404 m was recognized. Accordingly Company EBITDA increased by 8% YTD to record at Rs. 8.8 b for 1H 2013.

Company NPAT was impacted by non-cash transnational foreign exchange losses as alluded to previously in the context of Group performance. Company NPAT for the quarter decreased by 42% QoQ to reach Rs. 985 m. Company NPAT for 1H 2013, was recorded at Rs. 2.7 b compared to a NPAT of Rs. 451 m in the corresponding period in 2012. Following the expiry of its 15-year tax holiday at the end of FY 2012, the Company provided for income tax based on 2% of revenue amounting to Rs. 275 m in Q2 2013 and Rs. 552 m in 1H 2013 respectively.

Dialog Television Positive Perfrmance

Dialog Television (DTV), the digital pay television business of the Dialog Group, continued its positive performance trajectory to reach a revenue figure of Rs. 1.7 b for 1H 2013, exhibiting growth of 21% on YTD basis. EBITDA for the same period was recorded at Rs. 298 m, exhibiting a contraction of 23% YTD. EBITDA contraction resulted in the main from cost expansion associated with enhancements effected to the company’s service offering including but not limited to the launch of HD services, expansion of channel genres and the launch of prepaid services.

Performance for 1H 2013 was also impacted by a one-off provision of Rs. 33 m made on account of unrecoverable input VAT. Accordingly DTV net profit for 1H 2013 contracted by 91% on an YTD basis to be recorded at Rs. 10 m. The company’s pay TV subscriber base grew by over 49,000 subscribers YoY to be recorded at 288,000 as at end Q2 2013.

Dialog Broadband Networks revenue increase of 38%

Dialog Broadband Networks (DBN), encompassing the Group’s fixed telecommunications business, recorded a significant revenue increase of 38% YTD driven by strong growth in organic revenues as well as from the consolidation of Suntel Ltd.

Revenue was recorded at Rs. 2.9 b for 1H 2013. Aided by the healthy revenue growth and synergies achieved through the DBN-Suntel amalgamation, EBITDA for 1H 2013 reached Rs. 866 m, an improvement of 35% YTD. 

DBN NPAT for 1H 2013 was recorded at negative Rs. 97 m, representing a significant improvement of 48% compared to the figure of negative Rs. 186 m posted for the corresponding period in 2012.

DBN secured the distinction of launching the country’s first 4G LTE service for home and enterprise customers in December 2012. DBN’s fixed TD-LTE 4G high speed broadband services operate in the 2.3 GHz frequency band.

In May 2013 DBN, entered into a share purchase agreement with the shareholders of Sky Television and Radio Network Ltd. (Sky) for the acquisition of 100% of the ordinary shares in issue of Sky at a consideration of Rs. 800 m.

Sky is a licensed pay television operator in possession of spectrum resources in the 2.3GHz spectrum band. The acquisition of the additional spectrum resource will enable DBN to enhance its Fixed 4G-LTE services in terms of capacity, burst speeds and bandwidth delivered to Sri Lankan homes and enterprises.

Following the completion of the acquisition, the amalgamation of Sky with DBN has been completed with effect from 3 July 2013 and the assets, liabilities and operations of Sky in their entirety have been since subsumed by DBN.

In line with the Group continuing to make aggressive strategic investments in high speed mobile and fixed broadband infrastructure and spectrum, capital expenditure for 1H 2013 increased by over twofold on a YTD basis, to reach Rs. 14.3 b.

Group capital expenditure for Q2 2013 included strategic investments in spectrum assets featuring the acquisition of spectrum for mobile 4G-LTE services from the TRCSL and the payment of spectrum re-farming fees to enable the conversion of spectrum amalgamated through the acquisition of Sky TV for the purpose of providing fixed 4G-LTE services. Spectrum-related investments totaled Rs. 5.2 b.

On the back of significantly higher capital expenditure, the Group recorded a negative Free Cash Flow (FCF) of Rs. 4.3 b for 1H 2013. Notwithstanding the expansion of capital investments, the Group’s net debt to EBITDA ratio remained at a modest level of 0.99x as at end of June 2013, demonstrating the strength and robustness of the Group’s balance sheet to meet the ambitious expansion programs centered on the development of next generation high speed broadband infrastructures.

Pada 7:54 AM Komentar

Second Quarter Earnings

Second Quarter Earnings

2nd Quarter 2013

2013 Second quater of company financial reports are available now, end of the 30th june 2013 result saw mixed effect.

01. The Autodrome PLC

Company provide services like Sole Distributors in Sri Lanka for: Bridgestone Tyres, Tubes & Flaps, Japan, Indonesia & Thailand FUTEK Alloy Wheels, Taiwan CHINA SOONG Wheel Accessories and Truck Rims, Ningbo, China Revlon Personal Care and Colour Cosmetics.

Second Quater performance

Profit growth for the quater 65% compared with 2012 second quater, 30 - june 2013 earning 7.3 Mn, in 2012 june 4.4Mn.

* NAVPS (Net Asset Value Per Share) Rs.494.5 is lower current share price value (Share Price Rs.850.00)

Last three month Price range Rs. 898.00 - 784.20.

02. Piramal Glass Ceylon PLC

Indian based Sri lanka glass product produces company.

2nd Quater Earning growth 358.00Mn more earning growth sold of land (297Mn Profit land sold)

* NAVPS (Net Asset Value Per Share) Rs.3.9 is lower current share price value (Share Price Rs.6.00)

Last three month Price range Rs. 6.00 - 6.80.

03. Mahaweli Reach Hotels PLC

Pada 9:22 PM Komentar