Browns announces share split

Colombo stocks declined marginally with the ASPI coming down by 7 points (-0.3%) to close at 2433 while the MPI which tracks the most liquid stocks in the market declined by 6 points (-0.2%) to close at 2,946.

Turnover for the day was Rs 173.7 million.

Brown & Co (BRWN) announced a 1 for 9 share split and a capitalisation of reserves at the rate of 2 for 1 at a price of Rs 42.00 a share. The share closed at Rs 950.00

People’s Merchant Bank (PMB) which released its annual report showed a 67% decline in profits to Rs 14.8 million for the year ended March 2008, though the company’s turnover grew 24% to Rs 376.1 million for the same period.

PMB, an associate of People’s Bank, is in the business of leasing, trade finance, corporate finance and real estate. PMB’s return on equity was 3.28%, whilst its EPS was 57 cents. The share closed at Rs 49.00

Richard Pieris & Co (RICH) which released its annual report showed a loss of Rs 215.1 million for the year ended March 2008, which was deterioration from Rs 306.4 million in profits earned the previous year. RICH’s turnover was up 30.7% to Rs 20.4 billion for the period under review. RICH closed at Rs 40.25

Source: First Guardian Equities