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The Ceylon Guardian Investment Trust Ltd., a Carson Cumberbatch company will focus on acquiring large blocks of high performing liquid stocks as strategic investments, the Company's Chairman Israel Paulraj said in the Annual Report 2002/2003.

He said the Guardian Group will continue trading in non-strategic investments for short term gains and will also consider investing in IPOs, private placements and privatisation of government enterprises to enhance the quality of the portfolio.

"The Group will opt for investments in companies that are professionally managed and committed to securing the best returns to their shareholders," the Chairman said. He said during the year under review, the Group recorded a turnover of Rs.175.63 million, a decrease of 18.3 percent compared to Rs.215.18 million in the previous year. Revenue comprised dividends and proceeds on disposal of investments.

"Consolidated profit after tax was Rs.172.86 million, a decrease of 20.9 percent when compared to the previous year. This drop is mainly due to the decrease in associate share of profits which decreased from Rs.49.97 to 21.62 million.

The valuation of the Group investment portfolio at cost including cash and cash equivalents was Rs.1,531.59 million as against Rs.1,389.94 million the previous year, while the market value of the Group portfolio including cash and cash equivalent appreciated to Rs.2,071.58 million as against Rs.1,722 million the previous year. The market value of portfolio grew by 18 percent after eliminating proceeds from rights for the year," the Chairman said.

He said the Company continued its strategy of enhancing its holdings by acquisition of shares of several blue chip companies including Ceylon Cold Stores, Hayleys and John Keells Holdings. Short term trading of non-strategic investment continued with a view of securing capital gains to enhance returns to shareholders.

Paulraj is also the Chairman of Ceylon Investment Company Ltd. which is another Carson Cumberbatch Company.

During the year under review the Ceylon Investment Company Ltd. recorded a turnover of Rs.56.11 million, an increase of 111 percent compared to Rs. 26.62 million the previous year. This comprised dividends, interest income and sales proceeds on share trading. The Company's profit after tax was Rs.84.5 million, a decrease of 22.7 percent compared to the previous year. This drop is mainly due to the decrease in the associate share of profits which decreased from Rs.64.6 million in 2002 to Rs. 30.99 million 2003.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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