- "Gem
in the rubble", says CEO
Aitken
Spence wraps-up new share placement against
market odds
Aitken Spence and Co.
Ltd. has successfully negotiated the placement of
6.5 million new ten-rupee shares abroad at a
price of Rs. 105 each despite dark clouds over
stock markets worldwide, the company's chairman
and CEO Ratna Sivaratnam said."It's a near miracle,'' said
Sivaratnam, "we were able to present our
share as a gem among the rubble.''
- "SE
Asian crisis can bite''
Lanka
Aluminium posts 37% profit growth
Improved country
conditions and the resulting pick-up in the
construction industry last year helped Lanka
Aluminium Industries Ltd. to increase sales and
profits during the year ended March 31, 1998,
when it posted a profit of Rs. 24.4 million, up
37% from a year earlier.The
company's chairman, Mr. S.T. Nagendra said that
the higher growth last year gingered more
construction activity mainly in renovation and
refurbishment of existing buildings and the
construction of new houses. This helped the
company to increase its sales volume by about 30%
and turnover by 36% to Rs. 361 million from Rs.
265 million a year earlier.
The interest rate reduction and
good management of stocks and debtors had helped
reduce interest charges. This, combined with the
sales increase and a reduction in scrap had
helped boost profits enabling the directors to
recommend a first and final dividend of 10% for
the year.
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- DFCC & NDB
share portfolios now below cost?
The once valuable
equity portfolios of the country's two
development banks, the NDB and the DFCC Bank,
have taken a beating from the current downturn in
the stock market and analysts estimate that these
portfolios are now below cost."We estimate that the two DFI's
equity portfolio are now at least Rs. 100 million
below cost and prudent provisioning policies are
likely to result in extremely uninspiring interim
results,'' Asia Securities said in a market
report.
- "Enough
tiles to pave Galle Rd. from Fort to Wadduwa''
Royal
Ceramics crack million sq. mt. production barrier
Royal Ceramics Ltd., a
leader in the ceramic tile manufacturing business
in Sri Lanka, has cracked the one million square
metre production barrier in the year ended March
31, 1998, and has also qualified for ISO 9001
certification.The
production attained exceeded the factory's
installed capacity and, in the words of General
Manager M.S.W. Fernando, "would have been
sufficient to pave the Galle Road from Fort to
Wadduwa.''
"This phenomenal
achievement was due to increased efficiency and
productivity whilst maintaining the highest
quality standards; and this assertion has been
further confirmed by the company being honoured
by the merit award in the Large Manufacturing
Company category at the National Quality Awards
1997 conducted by the Sri Lanka Standards
Institution,'' Fernando said.
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