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THIURSDAY, 28 mAY 2020
(Market Indicators as at prev. close)

Local News:
President wants tourism revived; BIA to re-open on 1 August 2020 (Daily FT)
President Gotabaya Rajapaksa stated that tourism must be revived fast with adequate safeguards post-COVID-19 pandemic, whilst the Government announced reopening of the Bandaranaike International Airport from 1 August 2020 as the country is gradually returning to normalcy. Further, under the first phase it was decided to open hotels and restaurants registered under the Tourism Development Authority for in-house dining.

Apparel exporters to request for National Policy Framework (Daily News)
Apparel manufacturers within the 14 Investment Promotion Zones is to request President Gotabaya Rajapaksa soon to declare a National Policy Framework on the apparel industry in the backdrop of the COVID 19 which has affected their operations. Some of the matters that would be deliberated would be the exemption of the EPF and the ETF for a period of three months for these employees.

JAAF to market Eravur Fabric Zone in India and China (Daily News)
The Joint Apparel Association Forum (JAAF) President Arumugampillai Sukumaran stated that JAAF will market the proposed Eravur Industrial Zone to India and China. This Industrial Zone, which will be geared to manufacture fabric for the export and local apparel industry, is expected to bring at least 4-5 Investors who would be commencing mills which would bring in US$25-40mn each.

CSE Announcement:
The Colombo Stock Exchange (CSE) informed that the Monetary Board of the Central Bank of Sri Lanka (CBSL) cancelled the license issued to The Finance Company (TFC) to carry out finance business activities w.e.f 22 May 2020. Further, the Director of the Department of Supervision of Non-Bank Financial Institutions of the CBSL has decided to cancel the certificate of registration of TFC as a Registered Finance Leasing establishment.

Corporate Announcement:
Tokyo Cement Company (Lanka) (TKYO) has disclosed its turnover for 4Q20 and has provided a brief outlook for its operations in its disclosure regarding delayed submission of interim financial statements, in accordance with the CSE circular dated 10 Apr 2020.

Corporate Disclosures on Impact of COVID-19:
Access Engineering (AEL), Hayleys Fibre (HEXP) and Lake House Printers and Publishers (LRPT) disclosed the Impact of COVID-19 on their operations.

Dividend Announcements:
Distilleries Company of Sri Lanka (DIST) – Second Interim dividend of Rs.0.55 per share – XD: 04/06/2020 – PD: 16/06/2020
Watawala Plantations (WATA) – Final dividend of Rs.3.0 per share – XD: 29/06/2020 – PD: 07/07/2020

Results for the period ended 31 March 2020:
AEL reported a 4Q20 net profit of Rs.403mn (-19% YoY), resulting in a FY20 net profit of Rs.1,515mn (-30% YoY)
Seylan Bank (SEYB) reported a 1Q2020 net profit of Rs.919mn (+11% YoY)
WATA reported a 4Q20 net profit of Rs.40mn (-69% YoY), resulting in a FY20 net profit of Rs.832mn (-1% YoY)
Panasian Power (PAP) reported a 4Q20 net profit of Rs.38mn (-57% YoY), resulting in a FY20 net profit of Rs.144mn (-57% YoY)

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