Colombo Fort Investments PLC
Company No PQ 100
Interim Financial Statements for the Quarter Ended
30th June, 2024
01
COLOMBO FORT INVESTMENTS PLC
Company No PQ 100
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Unaudited
Year ended 31.03.2024 Rs.'000
70,276
-
(15,484)
369
(5,501)
6
49,666
1,138
-
50,804
(318)
50,486
214,421
214,421
264,907
5.75
-
Unaudited | Unaudited | ||
Quarter | Quarter | ||
ended | ended | Variance | |
30.06.2024 | 30.06.2023 | % | |
Rs.'000 | Rs.'000 | ||
Revenue | 52,553 | 10,501 | +400 |
Cost of Investments disposed | (39,606) | - | -100 |
Net change in Fair Value through Profit or Loss Financial Assets | 35,126 | (33,537) | +205 |
Other Income | - | - | - |
Administrative Expenses | (949) | (1,426) | +33 |
Reversal of /(Provision for) Impairment on Amounts due from Related Party | - | - | - |
Operating Profit / (Loss) | 47,124 | (24,462) | +293 |
Finance Income | - | - | - |
Finance Costs | - | - | - |
Profit / (Loss) Before Tax | 47,124 | (24,462) | +293 |
Income Tax Expenses | - | - | - |
Profit / (Loss) for the period | 47,124 | (24,462) | +293 |
Other Comprehensive Income / (Expense) | |||
Items that will not to be reclassified to Profit or Loss | |||
Financial Assets at Fair Value through Other Comprehensive Income | |||
- Net change in Fair Value | 23,148 | 16,067 | +44 |
Total Other Comprehensive Income / (Expense) | 23,148 | 16,067 | +44 |
Total Comprehensive Income / (Expense) | 70,272 | (8,395) | +937 |
Earnings / (Loss) per share (Rs.) | 5.36 | (2.78) | |
Dividend proposed per share | - | - |
02
COLOMBO FORT INVESTMENTS PLC
Company No PQ 100
STATEMENT OF FINANCIAL POSITION
Unaudited | Unaudited | Unaudited | ||
As at | As at | As at | ||
31.03.2024 | 30.06.2024 | 30.06.2023 | ||
Rs.'000 | Rs.'000 | Rs.'000 | ||
ASSETS | ||||
Non-current Assets | ||||
Financial Assets at Fair Value through Other | ||||
1,600,620 | Comprehensive Income | 1,611,880 | 1,398,468 | |
1,600,620 | Total Non Current Assets | 1,611,880 | 1,398,468 | |
Current Assets | ||||
445,207 | Financial Assets at Fair Value through Profit or Loss | 449,633 | 371,559 | |
6,840 | Receivables | 6,430 | 6,532 | |
147 | Prepayments | 101 | 48 | |
- | Amounts Due From Related Party | - | 994 | |
3,209 | Cash & Cash Equivalents | 57,623 | 4,453 | |
455,403 | Total Current Assets | 513,787 | 383,586 | |
2,056,023 | Total Assets | 2,125,667 | 1,782,054 | |
EQUITY & LIABILITIES | ||||
Equity | ||||
313,709 | Stated Capital | 313,709 | 313,709 | |
16,500 | General Reserve | 16,500 | 16,500 | |
1,277,928 | Fair Value Reserve of Financial Assets at FVOCI | 1,318,993 | 1,079,574 | |
447,092 | Retainted Earnings | 476,299 | 372,144 | |
2,055,229 | Total Equity | 2,125,501 | 1,781,927 | |
- | Non - Current Liabilities | - | - | |
- | Total Non- Current Liabilities | - | - | |
Current Liabilities | ||||
476 | Trade & Other Payables | 166 | 127 | |
318 | Income Tax Liability | - | - | |
794 | Total Current Liabilities | 166 | 127 | |
794 | Total Liabilities | 166 | 127 | |
2,056,023 | Total Equity & Liabilities | 2,125,667 | 1,782,054 | |
233.89 | Net Asset per Share (Rs.) | 241.89 | 202.79 | |
For and on behalf of the Board | ||||
(Sgd.) S.D.R.Arudpragasam | (Sgd.) S. Shanmugalingam | |||
Director | Director |
06th August, 2024
03 | ||||||||||
COLOMBO FORT INVESTMENTS PLC | ||||||||||
Company No. PQ 100 | ||||||||||
STATEMENT OF CHANGES IN EQUITY | ||||||||||
Stated | General | Fair Value | Retained | Total | ||||||
Capital | Reserve | Reserve of | Earnings | Equity | ||||||
Financial Assets | ||||||||||
at FVOCI | ||||||||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||||||
Balance as at 01.04.2023 | 303,377 | 16,500 | 1,063,507 | 406,938 | 1,790,322 | |||||
Profit / (Loss) for the period | - | - | - | (24,462) | (24,462) | |||||
Other Comprehensive Income / (Expense) | - | - | 16,067 | - | 16,067 | |||||
303,377 | 16,500 | 1,079,574 | 382,476 | 1,781,927 | ||||||
Transactions with owners of the Company | ||||||||||
recognised directly in equity | ||||||||||
Scrip dividend - First & Final for the | ||||||||||
year ended 31.03.2023 | 10,332 | - | - | (10,332) | - | |||||
Balance as at 30.06.2023 | 313,709 | 16,500 | 1,079,574 | 372,144 | 1,781,927 | |||||
Balance as at 01.04.2024 | 313,709 | 16,500 | 1,277,928 | 447,092 | 2,055,229 | |||||
Profit / (Loss) for the period | - | - | - | 47,124 | 47,124 | |||||
Other Comprehensive Income / (Expense) | - | - | 41,065 | (17,917) | 23,148 | |||||
313,709 | 16,500 | 1,318,993 | 476,299 | 2,125,501 | ||||||
Transactions with owners of the Company | ||||||||||
recognised directly in equity | - | - | - | - | - | |||||
Balance as at 30.06.2024 | 313,709 | 16,500 | 1,318,993 | 476,299 | 2,125,501 | |||||
04 | |||||
COLOMBO FORT INVESTMENTS PLC | |||||
Company No : PQ 100 | |||||
STATEMENT OF CASH FLOWS | |||||
Unaudited | Unaudited | Unaudited | |||
As at | Quarter | Quarter | |||
31.03.2024 | ended | ended | |||
Rs.'000 | 30.06.2024 | 30.06.2023 | |||
Rs.'000 | Rs.'000 | ||||
CASH FLOW FROM OPERATING ACTIVITIES | |||||
49,666 | Profit / (Loss) before Interest and Tax | 47,124 | (24,462) | ||
Adjustments for ; | |||||
15,484 | Fair Value changes on Financial Assets | (35,126) | 33,537 | ||
(8) | (Profit ) / Loss on Disposal of Financial Assets | (2,864) | - | ||
(7,057) | Dividend received as Scrip Dividend | (2,199) | (6,807) | ||
(6) | Provision / (Reversal) for Impairment of Amounts due from Related Party | - | - | ||
(361) | Reversal of Impairment of Unquoted Investments | - | - | ||
57,718 | Profit before Working Capital Changes | 6,935 | 2,268 | ||
Changes in Working Capital | |||||
(1,529) | (Increase) / Decrease in | Receivables | 410 | (1,221) | |
(59) | (Increase) / Decrease in | Prepayments | 45 | 40 | |
1,000 | (Increase) / Decrease in Amounts Due from Related Party | - | - | ||
35 | Increase / (Decrease) in Other Payables | (310) | (314) | ||
57,165 | Cash generated from / (Used in) Operating Activities | 7,080 | 773 | ||
(341) | Tax paid | (318) | (341) | ||
56,824 | Net Cash Flows from / (used in) Operating Activities | 6,762 | 432 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
(58,914) | Acquisition of Financial Assets | (12,817) | (140) | ||
200 | Proceeds from Disposal of Financial Assets | 60,469 | 200 | ||
(58,714) | Net Cash Flows from / (used in) Investing Activities | 47,652 | 60 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
(18,600) | Loan granted | - | - | ||
1,138 | Interest received | - | - | ||
18,600 | Recovery of loan granted | - | - | ||
1,138 | Net cash Flows from / (used in) Financing Activities | - | - | ||
(752) | Net Increase/[Decrease] in Cash & Cash Equivalents | 54,414 | 492 | ||
3,961 | Cash & Cash Equivalents at the beginning of the period | 3,209 | 3,961 | ||
3,209 | Cash & Cash Equivalents at the end of period [Note A] | 57,623 | 4,453 | ||
Note A: Cash & Cash Equivalents | |||||
3,209 | Cash at bank | 57,623 | 4,453 | ||
3,209 | 57,623 | 4,453 | |||
05
COLOMBO FORT INVESTMENTS PLC
Company No PQ 100
NOTES TO THE FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE, 2024.
* Market Price recorded during the Quarter | 30.06.2024 | 30.06.2023 |
Rs. | Rs. | |
- Highest | 73.90 | 67.00 |
- Lowest | 62.40 | 54.00 |
- Last traded price | 69.00 | 62.80 |
- Accounting Policies adopted are consistent with the policies published in the Annual Report for the year ended 31st March, 2023.
- The interim Financial Statements have been prepared in compliance with the requirements of the Sri Lanka Accounting Standard-LKAS 34 on Interim Financial Reporting.
- Wherever necessary Comparative figures have been restated to conform to the presentation and / or classification for the year.
- Cost of quoted shares as at 30th June, 2024 was Rs. 555,315,019/- against the market value of Rs. 2,060,125,240/-.
- Valuation of Investment Portifolio
Level 1 | Level 2 | Level 3 | Total | |
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |
30th June, 2024 | ||||
Financial Assets at Fair Value through | ||||
- Other Comprehensive Income | 1,610,500 | - | 1,380 | 1,611,880 |
- Profit or Loss | 449,626 | - | 7 | 449,633 |
2,060,126 | - | 1,387 | 2,061,513 | |
30th June, 2023 | ||||
Financial Assets at Fair Value through | ||||
- Other Comprehensive Income | 1,396,949 | - | 1,519 | 1,398,468 |
- Profit or Loss | 371,552 | - | 7 | 371,559 |
1,768,501 | - | 1,526 | 1,770,027 |
- There has not been a significant change in the nature of the contingent liabilities, which were disclosed in the Annual Report for the year ended 31st March, 2023.
- No circumstances have arisen since the Reporting date, which would require adjustments to or disclosure in the Financial statements.
- The figures in the Financial Statements are provisional and subject to audit.
- The Stated Capital of the Company is Rs. 313,708,868/- represented by 8,787,041 Ordinary Shares.
- Details pertaining to Directors direct shareholdings as at 30th June, 2024 are given below:
Name of Director | No of Shares | |
Mr. S. Shanmugalingam | *673 | (Aggregate of 588 fractional shares held in Trust consequent to the |
Scrip Dividend in 2021, 2022 and 2023.) |
06
COLOMBO FORT INVESTMENTS PLC
Company No PQ 100
NOTES TO THE FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE, 2024. (Cont.)
- The percentage of the shares held by the public as at 30th June, 2024 was 15.20%.
- The number of Public Shareholders as at 30th June, 2024 were 778.
- The Applicable option under Colombo Stock Exchange Rule 7.13.1 (i) (b) on minimum Public Holding is Option 2 and the Float Adjusted Market Capitalisation as at 30th June, 2024 was Rs. 92,292,049.03.
- Details of the Twenty Major Shareholders as at 30th June, 2024 are as follows:
Name of Shareholders | No of Shares | % | |
Colombo Investment Trust PLC | 3,103,577 | 35.32 | |
Financial Trust Ltd | 2,470,965 | 28.12 | |
The Colombo Fort Land & Building PLC | 1,165,077 | 13.26 | |
Property & Investment Holdings (Pvt) Ltd | 628,512 | 7.15 | |
People's Leasing & Finance PLC / Dr. H.S.D.Soysa & Mrs. G. Soysa | 143,515 | 1.63 | |
Mrs. M.L.De Silva | 130,975 | 1.49 | |
Mr. G.M.Dhansingani | 105,896 | 1.21 | |
Tranz Dominion, L.L.C. | 104,343 | 1.19 | |
Capital Investments Ltd | 49,234 | 0.56 | |
People's Leasing & Finance PLC / K.K.Shujeevan | 47,773 | 0.54 | |
People's Leasing & Finance PLC / Mr. M.A.N.Yoosufali | 45,000 | 0.51 | |
Seylan Bank PLC / E.J.Gunasekera & M.G.M. Gunasekera | 43,492 | 0.49 | |
Mr. M.D.S.Goonatilleke | 34,800 | 0.40 | |
Ceylon Galvanising Industries Ltd | 26,930 | 0.31 | |
Mr. Mohamed Naizer | 25,000 | 0.28 | |
Commercial Bank of Ceylon PLC / N.H. Dawoodbhoy & Company (Private) Ltd | 24,787 | 0.28 | |
J.B. Cocoshell (Pvt) Ltd | 24,419 | 0.28 | |
Trust Holdings & Investments (Pvt) Ltd | 22,939 | 0.26 | |
Sampath Bank PLC / Ceylon Capital One Investment (Pvt) Ltd | 21,184 | 0.24 | |
Mr. S.S. Nagodavithana | 19,522 | 0.22 | |
8,237,940 | 93.74 |