The Schaffter family-controlled First Capital has released its unaudited annual financials as of end-March 2011, in which it revealed its group after tax profits rose 45% year-on-year to Rs. 990.26 million, while group after tax profits for the quarter nearly doubled (99% year-on-year) to Rs. 81.29 million.
At the same time, group yearly income fell by 33% year-on-year, to Rs. 1.82 billion, while group income for the quarter in question dropped by just 1% year-on-year, to Rs. 387.18 million. Additionally, it also emerged that earnings per share was Rs. 10.03 and net assets per share was Rs. 15.04.
This is despite "less conducive" conditions during 2010/2011 compared to the previous year, in which a "highly favourable bond trading environment resulted in exceptional profits by the group’s primary dealer arm," according to a statement by First Capital.
It also further revealed that "reported profits were boosted by an one-off gain from the sale of an associate company - Kotmale Holdings PLC amounting to Rs. 180 million and a decision in the company’s favour by the Inland Revenue Board of Review resulting in a tax reversal of Rs. 444 million." This latter sale being to Cargills Ceylon.
The First Capital Group includes primary dealer First Capital Treasuries, fixed income securities unit trust First Capital Wealth Fund, investment manager First Capital Asset Management, and listed equity and corporate paper margin lender and debt specialist First Capital Markets. |
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