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Provides brief coverage of daily market statistics, corporate announcements and results of listed companies on the CSETurnover US$m
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Equity trader platform for investors to access market data, trading information and to place orders from your smart device & personal computerUpdated May 24, 2019
Local News:
Clear instructions given to banks on relief package – State Minister of Finance (Daily News)
State Minister of Finance Eran Wickremeratne has informed Parliament that all necessary interpretations and instructions have been directed to banks and financial institutes on the relief package provided by the government to strengthen tourism sector which was severely affected by the Easter Sunday terror attacks. The Minister has further indicated that the moratorium period, which is a part of the relief package, will be until 31 March 2020E for both capital and interest payments granted to the tourism sector as at 18 April 2019.
http://www.dailynews.lk/2019/05/24/finance/186405/clear-instructions-given-banks-relief-package-eran
Tourism industry indicates of issues with GoSL VAT reduction (Daily FT)
Chairman of the Tourist Hotels Association of Sri Lanka (THASL) Sanath Ukwatte, has indicated that the industry is facing issues with regards to VAT reduction, as the current VAT Act on tourism industry restricts the claim of input credit if output VAT is at 5%. As per the law, those with 5% output VAT cannot claim for input-output VAT calculation therefore end price for the consumer will increase by 3-4% and net benefit for the customer/guest which should have been 10% will be reduced to 5%.
http://www.ft.lk/top-story/Tourism-wails-over-VAT-cut-volley/26-678778
Government plans to construct two flyovers at Kohuwala and Gatambe (LBO)
The Cabinet of ministers has given approval to construct two flyovers at Gatambe in Kandy and another in Kohuwala, Colombo. As per statements released, a contract will be awarded to Betonutepito Compaby Pvt Ltd in Hungary for Rs.52mn.
https://www.lankabusinessonline.com/govt-plans-to-construct-two-flyovers-at-kohuwala-and-gatambe/
CSE Announcements:
The Colombo Stock Exchange (CSE) announced that 358mn ordinary shares of Waskaduwa Beach Resort (CITW) are to be listed w.e.f 23 May 2019, pursuant to a 9:5 rights issue.
https://cdn.cse.lk/cmt/announcement_portal_prod/scan0004_5985167041326487.pdf
The CSE announced that 80mn ordinary shares of Hikkaduwa Beach Resort (CITH) are to be listed w.e.f 23 May 2019, pursuant to a 2:5 rights issue.
https://cdn.cse.lk/cmt/announcement_portal_prod/scan0003_5985200349787497.pdf
The CSE announced that 171mn ordinary shares of Citrus Leisure (REEF) are to be listed w.e.f 23 May 2019, pursuant to a 9:5 rights issue.
https://cdn.cse.lk/cmt/announcement_portal_prod/scan0002_5985235133436483.pdf
Corporate Announcements:
MTD Walkers (KAPI) announced that it will be having a meeting with the representatives of all debenture holders and the banks on 27 May 2019 to discuss the interest payment of its rated senior unsecured redeemable debentures and other connected matters, if any.
https://cdn.cse.lk/cmt/announcement_portal_prod/scan0001_5986525294940410.pdf
On’ally Holdings (ONAL) announced that its Board of Directors has approved the valuation of the investment property and owner occupied property, based on valuation reports dated 29 April 2019 and 10 May 2019 respectively. Accordingly, a fair value gain on investment property of Rs.147.7mn is recorded in the Statement of Comprehensive income for the year ended 31 March 2019.
https://cdn.cse.lk/cmt/announcement_portal_prod/ONAL_5988552183282787.pdf
Union Bank of Colombo (UBC) announced details pertaining to its offer to repurchase upto 7.9mn shares at a consideration of Rs.15 per share. Accordingly, it was announced that the commencement date of the Repurchase Offer will be 27 June 2019 and that the closing date of the Repurchasing Offer will be 11 July 2019.
https://cdn.cse.lk/cmt/announcement_portal_prod/scan0002_6012834646272458.pdf
Dividend Announcements:
Central Industries (CIND) – Final dividend of Rs.2.50 per share – Dates to be announced
Chemanex (CHMX) – Final dividend of Re.1.00 per share – XD: 01/07/2019 – PD: 09/07/2019
CIC Holdings (CIC) – Final dividend of Re.1.00 per share – XD: 01/07/2019 – PD: 09/07/2019
Results for the period ended 31 March 2019:
Vallibel Finance (VFIN) reported a net profit of Rs.357mn for 4Q19 (+4% YoY), resulting in a net profit of Rs.1,129mn for FY19 (+11% YoY)
Serendib Hotels (SHOT) reported a net profit of Rs.156mn for 4Q19 (-1% YoY), resulting in a net profit of Rs.39mn for FY19 (-67% YoY)
Dolphin Hotels (STAF) reported a net profit of Rs.82mn for 4Q19 (-21% YoY), resulting in a net profit of Rs.147mn for FY19 (-1% YoY)
Central Industries (CIND) reported a net profit of Rs.38mn for 4Q19 (+26% YoY), resulting in a net profit of Rs.129mn for FY19 (+55% YoY)
Renuka Holdings (RHL) reported a net loss of -Rs.85mn for 4Q19 (vs. a net profit of Rs.58mn in 4Q18), resulting in a net profit of Rs.36mn for FY19 (-90% YoY)
Renuka Capital (KZOO) reported a net loss of -Rs.73mn for 4Q19 (vs. a net profit of Rs.223mn in 4Q18), resulting in a net loss of -Rs.43mn for FY19 (vs. a net profit of Rs.530mn in FY18)
Clear instructions given to banks on relief package – State Minister of Finance (Daily News)
State Minister of Finance Eran Wickremeratne has informed Parliament that all necessary interpretations and instructions have been directed to banks and financial institutes on the relief package provided by the government to strengthen tourism sector which was severely affected by the Easter Sunday terror attacks. The Minister has further indicated that the moratorium period, which is a part of the relief package, will be until 31 March 2020E for both capital and interest payments granted to the tourism sector as at 18 April 2019.
http://www.dailynews.lk/2019/05/24/finance/186405/clear-instructions-given-banks-relief-package-eran
Tourism industry indicates of issues with GoSL VAT reduction (Daily FT)
Chairman of the Tourist Hotels Association of Sri Lanka (THASL) Sanath Ukwatte, has indicated that the industry is facing issues with regards to VAT reduction, as the current VAT Act on tourism industry restricts the claim of input credit if output VAT is at 5%. As per the law, those with 5% output VAT cannot claim for input-output VAT calculation therefore end price for the consumer will increase by 3-4% and net benefit for the customer/guest which should have been 10% will be reduced to 5%.
http://www.ft.lk/top-story/Tourism-wails-over-VAT-cut-volley/26-678778
Government plans to construct two flyovers at Kohuwala and Gatambe (LBO)
The Cabinet of ministers has given approval to construct two flyovers at Gatambe in Kandy and another in Kohuwala, Colombo. As per statements released, a contract will be awarded to Betonutepito Compaby Pvt Ltd in Hungary for Rs.52mn.
https://www.lankabusinessonline.com/govt-plans-to-construct-two-flyovers-at-kohuwala-and-gatambe/
CSE Announcements:
The Colombo Stock Exchange (CSE) announced that 358mn ordinary shares of Waskaduwa Beach Resort (CITW) are to be listed w.e.f 23 May 2019, pursuant to a 9:5 rights issue.
https://cdn.cse.lk/cmt/announcement_portal_prod/scan0004_5985167041326487.pdf
The CSE announced that 80mn ordinary shares of Hikkaduwa Beach Resort (CITH) are to be listed w.e.f 23 May 2019, pursuant to a 2:5 rights issue.
https://cdn.cse.lk/cmt/announcement_portal_prod/scan0003_5985200349787497.pdf
The CSE announced that 171mn ordinary shares of Citrus Leisure (REEF) are to be listed w.e.f 23 May 2019, pursuant to a 9:5 rights issue.
https://cdn.cse.lk/cmt/announcement_portal_prod/scan0002_5985235133436483.pdf
Corporate Announcements:
MTD Walkers (KAPI) announced that it will be having a meeting with the representatives of all debenture holders and the banks on 27 May 2019 to discuss the interest payment of its rated senior unsecured redeemable debentures and other connected matters, if any.
https://cdn.cse.lk/cmt/announcement_portal_prod/scan0001_5986525294940410.pdf
On’ally Holdings (ONAL) announced that its Board of Directors has approved the valuation of the investment property and owner occupied property, based on valuation reports dated 29 April 2019 and 10 May 2019 respectively. Accordingly, a fair value gain on investment property of Rs.147.7mn is recorded in the Statement of Comprehensive income for the year ended 31 March 2019.
https://cdn.cse.lk/cmt/announcement_portal_prod/ONAL_5988552183282787.pdf
Union Bank of Colombo (UBC) announced details pertaining to its offer to repurchase upto 7.9mn shares at a consideration of Rs.15 per share. Accordingly, it was announced that the commencement date of the Repurchase Offer will be 27 June 2019 and that the closing date of the Repurchasing Offer will be 11 July 2019.
https://cdn.cse.lk/cmt/announcement_portal_prod/scan0002_6012834646272458.pdf
Dividend Announcements:
Central Industries (CIND) – Final dividend of Rs.2.50 per share – Dates to be announced
Chemanex (CHMX) – Final dividend of Re.1.00 per share – XD: 01/07/2019 – PD: 09/07/2019
CIC Holdings (CIC) – Final dividend of Re.1.00 per share – XD: 01/07/2019 – PD: 09/07/2019
Results for the period ended 31 March 2019:
Vallibel Finance (VFIN) reported a net profit of Rs.357mn for 4Q19 (+4% YoY), resulting in a net profit of Rs.1,129mn for FY19 (+11% YoY)
Serendib Hotels (SHOT) reported a net profit of Rs.156mn for 4Q19 (-1% YoY), resulting in a net profit of Rs.39mn for FY19 (-67% YoY)
Dolphin Hotels (STAF) reported a net profit of Rs.82mn for 4Q19 (-21% YoY), resulting in a net profit of Rs.147mn for FY19 (-1% YoY)
Central Industries (CIND) reported a net profit of Rs.38mn for 4Q19 (+26% YoY), resulting in a net profit of Rs.129mn for FY19 (+55% YoY)
Renuka Holdings (RHL) reported a net loss of -Rs.85mn for 4Q19 (vs. a net profit of Rs.58mn in 4Q18), resulting in a net profit of Rs.36mn for FY19 (-90% YoY)
Renuka Capital (KZOO) reported a net loss of -Rs.73mn for 4Q19 (vs. a net profit of Rs.223mn in 4Q18), resulting in a net loss of -Rs.43mn for FY19 (vs. a net profit of Rs.530mn in FY18)