Broader market moves down

The market traded on a subdued note while the indices lost ground marginally. The broader market moved down marginally with the ASPI losing 9 points (-0.36%) while the MPI which tracks the most liquid stocks moved down by 21 points (-0.66%).

Turnover, which totaled Rs 110 million, was mainly Cargills Ceylon (Rs. 18.1 million), Ceylon Theatres (Rs. 12.7 Million), Chemanex (Rs. 6.9 Million), Lanka Cement (Rs 5.5 Million) and East-West Properties (Rs 5.2 Million).

Pelwatte Sugar Industries reported a 46% drop in turnover to Rs. 1.2 billion for the 12 months ending March 2008, which resulted in the group making a gross loss of Rs 187 million and a loss attributable to shareholders of Rs 574 million.

This represents a loss per share of Rs 8.45 for the 12 months. The group earned Rs 5.45 per share for the 12 months ending March 2007. The net asset value per share of the company stands at Rs 7.01

Lanka Ventures reported a 1% drop in-group turnover to Rs 114 million for the year ended March 2008, though profits were up 24% to Rs 79 million from Rs 63 million. Turnover was made up from investment income of Rs 59 million and interest income of Rs 55 million.

The comparable figures for the previous year were Rs 68 million and Rs 47 million respectively. The EPS for the company was Rs 1.59 Lanka Ventures is a subsidiary of the DFCC Bank.

Source: www.frstguardianequities.com