First Capital Holdings, reporting its first half 2010-11 profits, said this week it achieved exceptional gains of Rs 192 million from bonds as a result of falling interest rates. Profits were further enhanced by a tax reversal of Rs 443 million following a Board of Review decision in a subsidiary’s favour, it said.
The company reported profit before tax of Rs 157 million on income of Rs 657 million for the six months ending 30th September 2011, a period of relatively subdued trading for its primary dealership First Capital Treasuries.
Its net profit for the period was Rs 118 million, and profit attributable to equity holders of the parent company was Rs 114.3 million.
These income and profit figures, although lower than those of the corresponding six months of 2010-11, were well above budgeted targets for the first half of the current financial year, a spokesman for the Group said.
In the comparatively ‘settled’ conditions for trading in government securities in the review period, gains from bonds totalled a moderate Rs 36 million, the spokesman disclosed. |
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