Sri Lanka’s First Capital Treasuries June 2016 net down 71-pct

ECONOMYNEXT – Sri Lanka’s First Capital Treasuries said June 2016 quarter net profit plunged 71 percent to Rs31 million from a year ago with trading losses on its bonds portfolio.

The primary dealer’s income rose 78 percent to Rs488 million during the period, according to interim accounts filed with the stock exchange.

The company, a unit of First Capital Holdings, reported a small loss on the fair valuation of financial instruments held for trading, compared with a gain of Rs42 million the year before.

Earnings per share for the June 2016 quarter were Rs1.98, compared with Rs6.94 the previous year.

The firm’s profitability was expected to be lower this year as interest rates moved up

Its portfolio of Treasury bills and bonds stood at Rs12 billion as of June 2016, up from Rs9.2 billion in March 2016.
(COLOMBO, August 18, 2016)

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