Indicies moves up

The indices at the Colombo Stock Exchange moved up with the ASPI gaining 20 points (+0.9%) to close at 2,429 while the MPI, which tracks the most liquid stocks, gained 35 points (+1.2%) to close at 2901.

Total turnover for Wednesday was Rs 228.2 million mainly driven by interest in John Keells Holdings (Rs 55.2 million), Lanka IOC (Rs 24.6 million) and Hemas Holdings (Rs 23.6 million) Chevron Lubricants Lanka (LLUB) which released its results for the second quarter ending June 2008 reported a 29% increase in profits to Rs 274.6 million though revenue remained flat at Rs 2.1 billion.

The growth in the bottom-line came mainly from increased net interest income of Rs 35 million over what it had earned in the same period in 2007, and enhanced operational efficiencies.

The company which made Rs 622.3 million in earnings for the first half of 2008, having made Rs 347 million for the first quarter of 2008, has declared a Rs 4.00 2nd interim dividend. This is on top of the Rs 3.00 it paid in May.

This is a dividend payout ratio of 67% of its total half year EPS of Rs 10.38. This compares with a 70% payout made in 2007. LLUB closed the day at Rs 104.50.

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