First Capital reports Rs 660.7 m profit in 2009-10

First Capital Holdings PLC (FCH) has reported that profit after tax grew 245 percent to Rs 660.7 million in the 12 months ending March 31, 2010 in figures released to the Colombo Stock Exchange.

Profit attributable to equity holders of the parent company at Rs 587.7 million reflected a growth of 344 percent.

Turnover of the Group was up 18 percent to Rs 2,761.6 million.

Much of this growth, attributed to investments in government securities, came in the first three quarters of the year.

Profit for the final quarter (January - March 2010) was Rs 103 million before a deduction of Rs 62.9 million on account of withholding tax on inter-company dividends.

Earnings per Share increased to Rs 17.41 for the year from Rs 3.92 for the preceding year. Group Net Assets per Share stood at Rs 15.85 as at March 31, 2010, up from Rs 13.44 a year earlier. The Group declared a dividend of Rs 15 per share at the end of the third quarter, resulting in a dividend payout of Rs 506.25 million.

Earlier this month the company received approval from its shareholders to proceed with a sub-division of its shares by splitting every existing share into three shares.

The company's share price has risen from Rs 4.90 on April 01, 2009 to Rs 58.00 earlier this month.

"The sub-division is aimed at increasing the liquidity and marketability of the share particularly for smaller shareholders," a company spokesman said.

"Opportunities have also been identified in the provision of professional investment management services, and the Group will exercise its strong resource base to serve customers in this area."

The First Capital Group, obtained its Primary Dealership licence in 1992. First Capital Treasuries (FCT) is a Central Bank appointed primary dealer.