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Asia Capital Ltd reported a consolidated profit of Rs 80 million for the nine months ended December 2001. The company added Rs 48 million to its consolidated profit.

A comparison of salient financial figures to the previous year shows a growth of 181% in turnover amounting to the current figure of Rs.1.1 billion. The gross profit of Rs. 230 million shows a growth of 127% over the previous year and the operating profit of Rs. 63 million shows a colossal 752% increase over the previous year. The net asset value per share of the group is Rs 10.55.

Asia Capital embarked on a mission to position itself as a diversified holding company engaged in an array of activities ranging from financial services, insurance, apparel manufacturing, to information technology. The company has substantial stakes in Richard Pieris & Co Ltd., and Lanka Orix Leasing Limited (LOLC). Asia Capital Ltd also promoted Asia Siyaka Commodities (Pvt) Ltd, a licensed tea broker.

Last quarter saw its subsidiary company Asia Securities record an impressive turnover with the upturn of the stock market following the general elections. This performance is attributed to the sharp market acumen of the experienced hands at Asia Securities Ltd.

Asian Alliance Insurance in which the Asia Capital Group holds 47% also made inroads in the Insurance industry by the aggressive launch of their distribution network. The company opened six branch offices six months Colombo. Kandy, Negombo, Gampaha, Panadura and Kurunegala. The company's overall Gross Written Premium also showed an year on year growth of 45% in Non life and a record GWP in Life Insurance for the first six months of operation.

Asia Couture and Asia Apparels Trading, operating in the apparel/ garment sector continued to show immense growth. In the last quarter the company began operations in their newly leased factory in Ratmalana. With two more factories operating in Embilipitiya and Wattala the company supplies garments to major brands such as Jones, Nike and Columbia. 

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Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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