Lankem (LCEY) continues to bleed, loses over Rs400mn for the June quarter

August 31, 2018 (LBO) - Lankem Ceylon (LCEY) reported another rough quarter, continuing its multiyear losses. For the quarter ended June 2018, the company reported a loss of Rs417mn.

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The loss is troublesome for a company whose equity is down to Rs1.137bn, This large quarterly loss comes after losses for the year ended March 31, 2018 of over Rs500mn, and losses for the year ended March 31, 2017 of close to Rs800mn. Revenue was flat year over year in the just reported quarter. LCEY went on a debt fuelled acquisition spree several years ago making investments that have yet to realise material value.

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Analysts say continuation of losses at the company could put the firm in significant financial distress. The stock is trading at Rs29 per share leaving the company with a market cap of close to Rs1bn. The share is trading at just a fraction of its all time high of Rs590.