NDB Bank : Net profit up 75% YoY in 3Q2009

● National Development Bank's (NDB) net profit has risen by a sharp 75% YoY to LKR615.9 mn in 3Q2009 enabling the cumulative 1-3Q2009 net earnings to increase by 50% to LKR1,600.2 mn. ● The net profit growth in 3Q2009 is ahead of our forecast and was driven by other income (including equity income, capital gains, fee income and forex income) growing by 75% YoY, net interest income increasing by 16% YoY and a 18% YoY dip in total...

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Colombo Dockyard : 3Q2009 net profit doubles

Ship builder and repairer Colombo Dockyard's net profit has doubled YoY to LKR721.4 mn in 3Q2009, whilst lifting the cumulative 1-3Q2009 net profit by a strong 80% YoY to LKR1,821.1 mn. DOCK's 3Q2009 net earnings were bolstered on the back of a strong performance from Ship building. The Ship building segment's sharp earnings growth can be attributed to the two Cargo Vessels and the Anchor Handling Tug Supply Vessel delivered...

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Lube Luck in 3Q09 boost net earnings by 65.6%YoY

● Chevron Lubricants (LLUB) has posted a net profit of LKR486.8 mn (up 65.6% YoY) in 3Q09 due to high gross profit margin enjoyed on the back of low raw material cost whilst cumulative net earnings too have increased to LKR1,118.9 mn (up 22.1% YoY). ● The turnover has dipped by 11.3% YoY in 3Q09 whilst the sales volume has witnessed a circa 6%-8% drop. However, the gross profit grew by a strong 61.5% YoY during 3Q09 mainly due...

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Ceylon Tobacco : 3Q09 net earnings up 37.7% YoY

● Ceylon Tobacco (CTC) has posted a net profit of LKR832 mn in 3Q09 (up 37.7% YoY) whilst cumulative 1-3Q09 earnings are also up by a strong 39.9% YoY to LKR2,094 mn.● Earnings have been driven by a 7% YoY growth in net revenues to LKR3,030 mn, supported by a shift into high margin brand/product mix along with the company's focus on effective cost rationalization.● We are revising up our forecast 2009E net profit by 20.4% to LKR3,325...

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Commercial Bank : Net profit up 4% YoY in 3Q2009

● Commercial Bank's (COMB) net profit has grown by 3.6% YoY to LKR971.0 mn in 3Q2009 despitethe cumulative 1-3Q2009 net earnings still down by 2.3% to LKR2,984.6 mn. ● The net profit growth in the latest quarter is inline with our forecast and was driven by a 65.5% YoY dip in total provisioning cost and a 21% YoY re duction in the total tax cost. ● Continues to be the largest private sector bank with a total asset base of LKR311...

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NDB Bank : Net profit up 75% YoY in 3Q2009

● National Development Bank's (NDB) net profit has risen by a sharp 75% YoY to LKR615.9 mn in 3Q2009 enabling the cumulative 1-3Q2009 net earnings to increase by 50% to LKR1,600.2 mn. ● The net profit growth in 3Q2009 is ahead of our forecast and was driven by other income (including equity income, capital gains, fee income and forex income) growing by 75% YoY, net interest income increasing by 16% YoY and a 18% YoY dip in total...

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AHPL' net earnings grow 26% YoY to LKR121.9 mn in 2QFY10 thanks to the treatment in minority interest

● Asian Hotels & Properties (AHPL) has recorded a near 26.1% YoY increase in earnings to LKR122.0 mn in 2QFY10 due to the minority loss of LKR39.1 mn (vs a minority profit of LKR16.1 mn in 2QFY09). However, despite the LKR23.3 mn minority loss the 1HFY10 net profit has dipped 24.7% YoY to LKR176.1 mn (vs a minority profit of LKR18.3 mn in 1HFY09). ● Earnings have been affected by the Property Development sector (net profit...

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Ait. Spence Hotel Hold.-Net earnings grow by 119% YoY in 2QFY10

● Aitken Spence Hotel Holdings' (AHUN) has recorded a net profit of LKR8.6 mn in 2QFY10 compared to LKR45 mn loss in 1QFY09, whilst recording a cumulative loss of LKR105.8 mn for 1HFY10.● The earnings growth in 2QFY10 is directly attributable to the reviving domestic tourism with higher occupancies and earnings from Maldivian hotels which were above expectations.● With the complete end to the 3 decade long terrorist conflict coupled...

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Aitken Spence : 2QFY10 net earnings up by 16% YoY

Conglomerate, Aitken Spence's (SPEN) net profit has grown by a sharp 16% YoY to LKR 470mn in 2QFY10, whilst the cumulative 1HFY10 net earnings have recorded a dip of 3.6% YoY. ● Profit growth during 2QFY10 is directly attributable to the reviving local tourism and the booming services sector of the conglomerate, whilst the global economic slowdown has hindered 1HFY10 growth compared to the previous year. ● Tourism, SPEN's main...

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RCL's net profits up 18.0%YoY in 1HFY10 despite 7.4% YoY dip in 2QFY10 whilst outlook continues to be positive

● Royal Ceramic's (RCL) net earnings have increased by 18.0%YoY to LKR283.8 mn in 1HFY10 whilst the bottom-line has dipped by 7.4%YoY to LKR151.4 mn during 2QFY10. ● RCL's gross turnover has dipped 7.1% YoY to LKR1,101.2 mn on the back of a near 10%-15% dip in sales volumes in 2QFY10 despite a marginal increase in sales price. The cost of sales has dipped 10.7% YoY to LKR532.4 mn in 2QFY10 owing to the ongoing vigorous cost cutting...

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HNB- 3Q09 net profit up 17% to LKR944.9 mn (vs LKR807.4 mn)

SRI LANKA EQUITY ANALYTICSWorld Trade CenterColomboSri LankaEmail: sriventure@gmail.comWeb: www.srilankaequity....

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DFCC's 2QFY2010 net profit up 74% YoY

● DFCC Bank's (DFCC) net profit has grown by a sharp 73.7% YoY to LKR823.0 mn in 2QFY20/10 largely due to a 101.8% YoY growth in Treasury interest income, 3.6% YoY dip in interest expenses, 2.7% YoY reduction in operating costs and a 20.4% YoY slide in provisioning cost. ● The strong growth reported in the 2nd quarter, has weathered the marginal YoY negative growth in 1QFY2010 whilst the 1HFY2010 net profit has increased by 31.7%...

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JKH-2QFY10 Net Profit down 43%

 ● Conglomerate, John Keells Holdings (JKH) has recorded a 11.4% YoY growth in operating profit during 2QFY10, however the bottom line has dipped 43% YoY to reach LKR575.5 mn. This is partially on the back of the one off capital gain of LKR1,025 mn from the divestment of AMW in 2QFY09. However, the 2QFY09 net earnings includes the one off charges (circa LKR725 mn) suffered by the group due to the Supreme Court Judgement relating...

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