Asia Capital Q1 loss lower at Rs92 million


Aug 21, 2015 (LBO) – Sri Lanka’s financial services firm Asia Capital PLC reported a loss of 92 million rupees for the first quarter to June, down from a loss of 120 million rupees in the same quarter last year, in interim results released to the Colombo Stock Exchange.

Annual revenue rose to 1.6 billion rupees in the year to March, from 970 million rupees in the same period last year, driven by its investment and leisure sectors, the company said.

In their annual report released this week, Asia Capital said it will look at investments in the tourism industry, going forward.

“With the astronomical growth predictions for the country’s tourism industry, our focus, at least for the near-term would be on securing leisure-based projects,” J. Ratnayake, the chairman, said.

Asia Capital has shown highly variable profitability over the years. Overall loss attributable to shareholders has been around six hundred million rupees during the last ten years. Still, it made net profits of 538 million rupees in 2012, 988 million rupees in 2011 and 209 million rupees in 2010.

Some companies of the group performed poorly last year. According to notes to its financial statements, current liabilities of Asia Growth Fund 1 (Private) Limited exceeded its current assets by 117 million rupees. Asia Digital Entertainment (Private) Limited had accumulated losses of 92.8 million rupees, and Asia Wealth Management (Private) Limited has accumulated losses of 30.3 million rupees.

“The Financial Statement of the Group do not include any adjustment in relation to the recoverability and classification of recorded asset amounts or and classification of liabilities that may be necessary of the following Company is unable to continue as going concern,” Asia Capital said in relation to these companies.