Asia Capital PLC announces highest ever profits
December 13, 2010 02:53 pm
Asia Capital PLC announced the achievement of Rs. 222 million net profits for the year ending March 2010 which is its highest ever profit following consecutive losses for the past three years. This is a complete turnaround for the group of companies compared to a Rs. 379.2 million loss in the year 2009.
The financial highlights included a decline in cost of sales which resulted in the profit even though the revenue figures saw a drop in comparison to the same period in 2009. The share price alone has increased from a low of Rs. 5.5 in April 2009 to around Rs. 47.
The Chairman and Managing Director of Asia Capital PLC Monohan Nanayakkara claimed that the turnaround strategy was not an easy one.
“The Change Management Committee and the Group Management Committee were the two teams appointed to help me implement it. We see ourselves continuing to generate cash and make investments in the medium term” he said.
