Sri Lankas’ First Capital Holdings return to profit in March quarter

ECONOMYNXT – Sri Lanka’s First Capital Holdings Plc, which has interests in investment banking and securities trading, reported profits of 94 million rupees in the March 2017 quarter, against a loss of 86 million rupees, a year earlier.

The firm reported earnings of 94 cents per share.

Group revenues rose to 842 million rupees from 394 million rupees a year ealier, while costs rose to 725 million rupees from 278 million rupees.

Capital gains on trading rose to 67 million rupees from a loss of 109 million rupees a year earlier.

The group said First Capital Treasuries Plc, its primary dealer unit, was the key contributor to profits, making gains on its securities portfolio.

First Capital Limited, which deals in corporate debt, mobilized 12.4 billion rupees from corporate debt. But it was hit by higher funding costs and losses on trading securities, the firm said.

"Despite the setback experienced in the preceding quarters, the Group is optimistic in its outlook and has planned several calculated improvements to its operations," Group Chief Executive Dilshan Wirasekara said.

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