Hatton National Bank : Net profit up by 58% YoY in FY2009

Hatton National Bank Plc (HNB) is Sri Lanka's second largest private commercial bank with 186 customer centers (4302 employees). In FY2010E we expect net earnings to be driven by loan book expansion, given the revival of business sentiment and fresh markets in north and east (Bank has 20 branches in the region).Branch network is expected to be increased to 200 at the end of FY2010. HNB net profit for FY09 was up by approximately...

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Nations Trust Bank : Net profit up 16% YoY in FY2009

Nations Trust Bank's (NTB) net profit has grown by 5% YoY to LKR181.2 mn in 4Q2009 supporting the 2009 net earnings to grow by 16% YoY to LKR 686.1 mn. The net profit growth in the last quarter is in line with our forecast and was mainly driven by a 23% YoY increase in net interest income and a 8% YoY reduction in operating cost. NTB enjoys a cost/income ratio of 59% and the bank is well capitalized with Tier I CAR at 11.89%...

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Chevron Lubricants : Lube Luck in 2009 boost net earnings by 57.7%YoY

Chevron Lubricants (LLUB) has posted a net profit of LKR375.9 mn in 4Q09 (vs LKR31.5 mn 4Q08) due to high gross profit margin enjoyed on the back of low raw material cost whilst 2009 net earnings too have increased to LKR1,494.9 mn (up 57.7% YoY), broadly inline with our expectation. The turnover grew by a marginal 2.1% YoY in 4Q09 whilst the revenue during 2009 dipped by 2.4%. Sales volume during 2009 has witnessed a circa 8%...

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Sri Lanka Telecom : Tough going affirmed

SLTL had made a net loss of LKR379 mn in 4Q2009 vs. the net profit of LKR2.9 bn in 4Q2008 owing to the increased losses made in the mobile telephony operations and the core fixed line operations. Furthermore increased depreciation (on the back of heavy investments in Mobitel for their service expansions) and the Voluntary Retirement Scheme have led SLTL to a loss. Forecast net profit revised down to LKR3, 115.4 mn in 2010E. SLTL's...

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Colombo Dockyard : It is the Odyssey of Excellence….

Ship builder and repairer Colombo Dockyard's net profit has soared 48% YoY to LKR2,156.6 mn in 2009, whilst lifting the cumulative EBITDA by a strong 51% YoY to LKR2,683.1 mn. DOCK's 2009 net earnings were bolstered on the back of strong performance from Ship building. The Ship building segment's sharp earnings growth can be attributed to the two Cargo Vessels and the two Anchor Handling Tug Supply Vessels delivered during the...

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