Diverse Gains

June 02, 2012 (LBO) – Sri Lanka’s LOLC group, which has interest ranging from financial services, property, leisure and plantations, posted net profits in the March 2012 quarter rose 232 percent to 1.99 billion rupees, helped by strong other income and fair value gains. Leisure made 2.3 billion rupees helped by 2.8 billion rupees of negative goodwill after making a 534 million rupees operating loss and power lost 61 million rupees.

By end March 2012, group gross assets rose to 145 billion rupees from 111 billion rupees. Net assets grew to 43 billion rupees from 37.0 billion rupees.

The firm reported earnings of 4.19 rupees per share for the quarter, in interim accounts filed with the Stock Exchange. The stock closed at 28.70 rupees, up 40 cents Friday.

In the year to March the group reported earnings of 13.42 rupees per share on profits of 6.3 billion rupees, which was up 66 percent.

In the March quarter gross revenues grew 70 percent to 5.0 billion rupees, cost of sales grew at a faster 104 percent to 2.8 billion rupees and gross profits rose at a slower 39 percent to 1.56 billion rupees.

March quarter profits were helped by fall in unspecified other operating expenses to 1.2 billion rupees from 2.1 billion rupees a year earlier and a 251 milli