Financial Gain

Aug 16, 2011 (LBO) – Sri Lanka’s LOLC group, which has interests in finance, trading, plantations, energy and leisure said profits for the June 2011 quarter rose 138 percent to 1.75 billion rupees from a year earlier, helped by a capital gain. The firm reported earnings of 3.63 for the quarter. The stock closed at 99.90 rupees, up 70 cents, Monday.

LOLC said group gross revenues grew 54 percent to 9.1 billion rupees with other income growing to 1.78 billion rupees from just 95 million rupees.

LOLC said the sale of a 10 percent stake in Lanka Orix Finance had brought in one billion rupees in capital gains.

At pre-tax level, the group said financial services brought 2.1 billion rupees in profits from 5.4 billion rupees in revenues. The trading sector brought in another 215 million profit.

There was a 915,000 loss in insurance, a 3.1 million loss in energy, a 69.5 million rupee loss in leisure and a 192.4 million rupee loss in plantations.

Corrected net profit Rs1.75bn