Remarkable turnround for Nation Lanka Finance
The quarterly financial report of Nation Lanka Finance PLC for the
period ended March 11 reveals a dramatic turnaround of the group far
exceeding the expectation of the investor public.
The group which faced a financial crisis in the past has recorded a
net profit of Rs 1.3 million in the quarter under review compared to a
massive loss of Rs 509 million for the corresponding period of last
year.
The earnings per share improved from minus Rs 12.80 to Ro-05
positive.
For the 12 month period ending March 31,11 losses have been reduced
to Rs 216 m compared to previous year with a massive loss of Rs 1071m.
Accordingly the negative earnings per share has been reduced from Rs
42.52 to Rs 5.21.
The company which was under the management of the Central Bank
earlier has been recently reverted to the private sector management and
Rs. 500 million has been injected to the company by way of a private
placement.
In addition Rs. 300 million has been raised by way of a right issue
and this positive factor would be reflected in the next financial
statement. For instant it would result in the net assets value per share
increase from Rs. 0.05 to Rs. 1.55. |