CSE reflects moderate swing

Turnover on the Colombo Stock Exchange was Rs 151 million, driven mainly by interests in Environmental Resources (Rs 18.1 million) and East-West (Rs 17.5 m. Reporting results for the year ended March 2008, Cargo Boat Developments (CABO) showed an increase of 28% in net revenue to Rs 32 million over what the company had earned in the previous financial year.

However, profitability came down by 36% to Rs 44 million, as the company reported a drop in non operating income.

Non operating income of the company was down by 60% to Rs 25 million. The company's EPS for the financial year was Rs 4.32. The stock closed at Rs 25. Taj Lanka Hotels (TAJ) reported revenue of Rs 806 million (up 11%) and reduced its losses from Rs 63 million to Rs 30 million in the year ending March 2008.

Hotel Services (SERV), the owners of the Ceylon Continental Hotel, reported a decline in revenue by 5% to Rs 468 million for the year ending March 2008 and a profit of Rs 60 million (EPS of Rs 3.44), a 15% decline from the previous year.

The stock closed at Rs 159.00. The overall market ended lower with the ASPI declining by 13 points (-0.5%) to 2558 and the MPI declining by 11 points (-0.4%) to 3065.

[email protected]

www.firstguardianequities.com