Market in downword trend
The market continued to be dragged down by Dialog while Hayley's'
unit Haycarb reported strong top-line and bottom-line growth figures,
while Carson's group palm oil units too reporting increased in earning
on the back of higher global palm oil prices.
Good Hope reported a 146 per cent increase in revenue for the year
ended March 2008 of Rs 187.5 million, and a profit growth of 524 per
cent to Rs 135 million. The revenue and profit figures for the financial
year 2007 were Rs 76 .3 million and Rs 21.7 million respectively.
The company's profit was boosted by disposal of assets, which netted
a capital gain of Rs 36 million. The full year EPS was Rs 19.74
Selinsing reported a 133 per cent increase in revenue for the year ended
March 2008 of Rs 247.6 million, and a profit growth of 231 per cent to
Rs 131.4 million.
Indo-Malay reported a 183 per cent increase in revenue for the year
ended March 2008 of Rs 86.5 million, and a profit growth of 380% to Rs
42.4 million. The revenue and profit figures for the financial year 2007
were Rs 30.5 million and Rs 8.8 million respectively. The full year EPS
was Rs 18.95 Shalimar (Malay) reported a 74% increase in revenue for the
year ended March 2008 of Rs 84.1 million, but the bottom-line showed a
decline of 72 per cent to Rs 22.2 million.
This could be partly explained by a reduction by Rs 50 million in
associate company profits.
The revenue and profit figures for the financial year 2007 were Rs
48.2 million and Rs 78.6 million respectively. The full year EPS was Rs
3.21 The indices lost ground as Dialog Telekom saw its share close down
at Rs 14.75 a decline of 25 cents, which dragged the market down with
it.
The broader market index, ASPI, lost 6 points (-0.23%) to close at
2607 while the MPI which tracks the most liquid stocks moved down by 18
points (-0.57%) to end the day at 3161.
Turnover, which totaled Rs 106 million, was mainly driven by John
Keells Holding (Rs. 11.8 million), Distilleries (Rs 10.3 million) Carson
Cumberbatch & Co (Rs. 9.9 million), Commercial Bank (Rs. 7 million) and
Vallibel Power Erathne (Rs 5.2 Million).
Source: First Guardian Equities
www.firstguardianequities.com
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