Budget Overview - 2010

High current expenditure of LKR879.6bn together with poor revenue collection lead to an overall budget deficit of 476.4bn (9.9% of GDP) in 2009. Projected revenue growth for 2010 is somewhat ambitious 15.8% to LKR841.0 bn, with expenses projected to increase by a slower 6.5% largely due to slower escalation in recurrent expenditure. With...

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Odel Unlimited (ODEL) Initial Public Offering

Odel Unlimited (ODEL), one of the nation's largest fashion, apparel and cosmetics retailers announced its IPO of 16.7 mn shares at LKR15.00 per share, expecting to raise LKR250.5 mn in total. The proceeds of the issue is planned to be partly utilized to support the expansion of branch net work (LKR150.5 mn) of the company and the rest (LKR100...

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Sri Lanka Corporate Earnings - Analysis FY 2010

Market earnings have grown by an overwhelming 190% YoY in 4QFY10 and a sharp 44% YoY in FY10. The conducive business environment subsequent to the end of the three decade old conflicts coupled with political stability and positive economic outlook has raised the business sentiments and the corporate earnings during 2HFY10 has been exceptional...

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Distilleries Company (DIST) - Earnings dampened

Originally set-up as a pioneering distillery, Distilleries Company of Sri Lanka (DIST) has pursued a policy of planned growth which has resulted in its transformation from a cash rich beverage play to a diversified company with exposure to key sectors of the economy. However, the company's primary focus remains on liquor products. DIST...

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John Keells Holdings (JKH): FY10 records 10% YoY growth in net earnings

John Keells Holdings (JKH) the largest listed conglomerate on Colombo bourse with a market capitalization of LKR113.2 bn (USD994.6 mn) marks it’s strong presence in Leisure, Transportation, Food & Beverage, Property Development, IT and Financial Services Sectors. Conglomerate John Keells Holdings (JKH) has reported net profit of LKR5,201.5...

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John Keells Hotels (KHL) recorded a net profit of LKR205.0 mn for FY10 up 197% YoY

John Keells Hotels (KHL), a 82% owned subsidiary of local conglomerate John Keells Holdings (JKH: LKR188.00) currently operates 7 hotels in Sri Lanka and 4 in Maldives. Company operates its resort portfolio under three brands; namely the premier brand Cinnamon (2 hotels under this brand), the resort hotel brand Chaya (6 hotels) and John...

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DFCC Bank (DFCC) net profit up 70% YoY in 4QFY10

DFCC Bank's (DFCC) net profit has grown 70% YoY to LKR710.6 mn in 4QFY10 enabling FY10 earnings to grow by 26% YoY to LKR2,580.0 mn. 4QFY10 earnings grew mainly on the back of 20% YoY increase in net interest income, 73.4% YoY increase in non interest income and 44.0% YoY reduction in provisioning cost. With the economy expected to grow...

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