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DateLine Wednesday, 30 July 2008

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CSE indices move up

The indices at the Colombo Stock Exchange moved up marginally with the ASPI gaining five points (+0.2%) to close at 2,409 while the MPI, which tracks the most liquid stocks, gained 7 points (+0.2%) to close at 2867.

Total turnover for Tuesday was Rs 277.8 million. Interest was seen in Hayleys (Rs 49.9 million), AMW (Rs 49.3 million) and NDB Bank (Rs 22.1 million).

Hemas Holdings (HHL) which released its results for the first quarter ended June 2008, showed a 14.6% increase in net profits to Rs 271.1 million. The companyís turnover increased by 22.1% to Rs 3.8 billion.

The main contributors to group turnover were the power sector (37%), FMCG (28%) and Healthcare (23%) with the leisure, transport and miscellaneous divisions accounting for the balance.

In terms of profitability, the segmental contributions were Power (34%), FMCG (41%) and Healthcare (10%) and Transportations (23%). The groups transportation sector grew the fastest with revenue of Rs 247 million (+79%) and profits of Rs 60 million (+123%).

This was accounted for by the newly acquired Far Shipping Lines business in addition to the groupís representation in the airlines business.

In the healthcare segment the company hopes to commence operations of the Wattala Hospital in August with the unit being fully operational by November of this year. HHLís EPS for the period under review was Rs 2.68 while its NAV was Rs 64.92. HHL closed Tuesday at Rs 78.00

Large cap stocks Dialog closed at Rs 13.50, JKH closed at Rs 148.25 and SLT at Rs 44.75.

Source: First Guardian Equities

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