RPC plantations unit reports profits
Maskeliya Plantations PLC, part of the loss-making Richard Pieris Group, has reported a post-tax profit of Rs 51 million for the quarter ending June 30 as against a loss of Rs 5.3 million reported in the same period in 2007, the company said on Monday.Plantations have done well for many listed companies with rubber prices soaring and tea doing equally well. Maskeliya said its revenue rose to Rs 775.6 million against Rs 590 million while gross profit was Rs 120.6 million against Rs 54.3 million in the corresponding periods. The income tax liability fell to Rs 1.84 million against Rs 1.88 million in the June quarter in 2007. The Richard Pieiris group reported a loss in its quarterly report.

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World oil prices sink further to $109 per barrel
World crude prices are near to hitting the $100 per barrel and below level with prices for Brent being pegged at $109.94 on Tuesday against $115.02 on Monday, the Central Bank said.
The OPEC Basket was trading at $111.27 against $112.73 on Monday while prices in the Singapore Refined Products market for petrol, diesel and kerosene have also fallen.

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Namunukula Plantations posts Rs.71 mln profit in 1Q09
Namunukula Plantations PLC said its 1Q09 net profit was up by 49 percent to Rs.71 million against a profit of Rs.47 million in previous corresponding period, the company informed the Colombo Stock Exchange today.

The company’s sales increased by 29 percent to Rs.479 million during this quarter as against the Rs.370 million in the same period last year. Stock market analysts said that Namunukula’s main contributor to profit growth this quarter has been palm oil.

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Rocell 1Q net profits up by 44%
Royal Ceramics Lanka (Rocell) has recorded a Rs. 77 million net profit for the 1Q09, up 44% against Rs.53 million for the same period in 2008, according to a stock market filing by the company. Nimal Perera, Managing Director Rocell commenting on the results, said the company achieved these results despite the finance costs climbing by 28% to Rs.99 million as against Rs.77 million in the same period last year. “The construction industry is booming presently, which helped Rocell to post these results,” he said.

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Laxapana’s rights issue
Laxapana Batteries PLC, one of the oldest Sri Lankan torch battery manufacturers, said on Wednesday that it plans to offer 18 million ordinary shares in a rights issue aimed at raising funds to settle debts.
The proceeds of the issue will be utilized to repay advances obtained from Darley Butler & Co. Ltd. (DBCL) to fund working capital requirements and to settle the loan outstandings to DBSL. In a filing with the Colombo Stock Exchange, the company said the Board of Directors decided at a meeting yesterday that the shares would be issued at Rs 5 per share on the 2-for-1 share basis, subject to the approval of shareholders at an Extraordinary General Meeting.

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Discussing business integrity
In the midst of a furore over governance and decent business practices in the corporate sector, Transparency International Sri Lanka (TISL) is organising a one-day seminar on Building Integrity and Transparency in Business Relations. The seminar to be held on September 3 is organized in association with the Sri Lanka Institute of Directors, Chartered Institute of Marketing, International Business Leaders Forum.

Jermyn Brooks, Director of Global Private Sector Programmes and former Board Member of Transparency International (TI) will be the key resource person at the Seminar. In the panel of speakers will be Ronnie Pieris, Deva Rodrigo, Arittha Wickramanayake, Anushya Coomarasamy and Eran Wickramaratne.