LISTED COMPANIES SET A NEW RECORD FOR EARNINGS IN SEP 2021

The combined profits of companies listed on the Colombo Stock Exchange reached an all-time high of Rs111.4 billion in the September 2021 quarter, up 46% from the previous quarter and nearly 50% from a year earlier, a report published by First Capital Research showed. Combined profits had declined 31% during the June quarter to Rs76 billion from a then-record high of Rs111 billion in March 2021.

Unlike in the past, banks no longer dominated earnings. Diversified financials comprising mostly finance companies reported a combined earning of Rs21.2 billion, nearly doubling from a year earlier, while banks saw combined profits grow 48% to Rs19.5 billion.

LOLC Holdings reported a profit of Rs9 billion in the quarter (up 164% from a year earlier), trailed by Commercial Bank at Rs6.6 billion (up 78%), but the quarter belonged to Expolanka Holdings. The global logistics solutions provider reported a massive Rs12 billion profit in the quarter, up 116% from a year ago.

Laugfs Gas, hit by price controls and shortage of dollars to pay for imports, reported the highest loss at Rs1 billion, tumbling 340% from an Rs395 million profit a year ago. Hotels suffering from the after-effects of Covid-19 continued to bleed. John Keells Hotels reported a loss of Rs827 million but was 40% lower than Rs1.3 billion a year earlier. Aitken Spence Hotels also saw a contraction in losses, down 61% from a year ago to Rs563 million in the September 2021 quarter.