COLOMBO INVESTMENT TRUST PLC

Company No. PQ 85

INTERIM FINANCIAL STATEMENTS

For the Year ended

31st March 2024

COLOMBO INVESTMENT TRUST PLC

Company No PQ 85

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Unaudited

Unaudited

Quarter

Quarter

Year

Year

ended

ended

Variance

ended

ended

Variance

31.03.2024

31.03.2023

%

31.03.2024

31.03.2023

%

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Revenue

23,739

15,547

+

53

49,792

44,670

+

11

Cost of Investments disposed

(18)

(429)

+

96

(132)

(6,125)

+

98

Net change in Fair Value through

Profit or Loss Financial Assets

16,595

(76,836)

+

122

52

22,540

-

100

Other Income

9

1,806

-

100

9

1,806

-

100

Administrative Expenses

(1,297)

(1,681)

+

23

(5,682)

(4,863)

-

17

Operating Profit/(Loss)

39,028

(61,593)

+ 163

44,039

58,028

-

24

Finance Income

104

-

-

269

-

-

Finance Expenses

-

113

-

-

(1,448)

-

Profit/(Loss) before Tax

39,132

(61,480)

+ 164

44,308

56,580

-

22

Income Tax Expenses

(260)

(874)

+

70

(260)

(874)

+

70

Profit/(Loss) for the period

38,872

(62,354)

+ 162

44,048

55,706

-

21

Other Comprehensive Income/(Expense)

Items that will not be reclassified to Profit or Loss

Financial Assets at Fair Value through

Other Comprehensive Income

- Net change in Fair value

8,571

102,476

-

92

203,177

484,953

-

58

Total other Comprehensive Income/(Expense)

8,571

102,476

-

92

203,177

484,953

-

58

Total Comprehensive Income/(Expense)

47,443

40,122

+

18

247,225

540,659

-

54

Earnings/(Loss) per Share (Rs.)

5.48

(8.79)

6.21

7.85

Dividend Proposed per Share (Rs.)

-

-

-

-

2

COLOMBO INVESTMENT TRUST PLC

Company No PQ 85

STATEMENT OF FINANCIAL POSITION

Unaudited

Unaudited

As at

As at

31.03.2024

31.03.2023

Rs.'000

Rs.'000

ASSETS

Non - Current Assets

Financial Assets at Fair Value through Other

Comprehensive Income

1,470,768

1,264,405

Total Non - Current Assets

1,470,768

1,264,405

Current Assets

Financial Assets at Fair value through Profit or Loss

383,417

344,909

Trade & Other Receivables

4,659

3,236

Current Tax Assets

4

265

Cash & Cash Equivalents

1,302

2,047

Total Current Assets

389,382

350,457

Total Assets

1,860,150

1,614,862

EQUITY AND LIABILITIES

Equity

Stated Capital

212,348

203,933

Retained Earnings

401,207

365,574

FVOCI Reserve

1,245,983

1,042,806

Total Equity

1,859,538

1,612,313

Liabilities

Current Liabilities

Trade and Other Payables

612

2,549

Total

Current Liabilities

612

2,549

Total

Liabilities

612

2,549

Total Equity and Liabilities

1,860,150

1,614,862

Net Assets per Share (Rs.)

262.02

227.18

For and on behalf of the Board

(Sgd.) S.D.R.Arudpragasam

(Sgd.) S.Shanmugalingam

Director

Director

20th May, 2024

3

COLOMBO INVESTMENT TRUST PLC

Company No. PQ 85

STATEMENT OF CHANGES IN EQUITY

Stated

Retained

FVOCI

Total

Capital

Earnings

Reserve

Equity

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Balance as at 01.04.2022

195,643

315,988

560,023

1,071,654

Profit for the period

-

55,706

-

55,706

Dividend Paid

8,290

(8,290)

-

-

Other Comprehensive Income

-

-

484,953

484,953

Financial Assets at Fair Value through Other

Comprehensive Income-Reclassified to Equity

2,170

(2,170)

-

Balance as at 31.03.2023

203,933

365,574

1,042,806

1,612,313

Profit for the period

-

44,048

-

44,048

Dividend Paid

8,415

(8,415)

-

-

Other Comprehensive Income

-

-

203,177

203,177

Balance as at 31.03.2024

212,348

401,207

1,245,983

1,859,538

4

COLOMBO INVESTMENT TRUST PLC

Company No. PQ 85

STATEMENT OF CASH FLOWS

Unaudited

Unaudited

Year

Year

ended

ended

31.03.2024

31.03.2023

Rs.'000

Rs.'000

CASH FLOW FROM OPERATING ACTIVITIES

Dividend Received

42,551

23,637

Payments to Service Providers

(5,321)

(4,509)

Acquisition of Investments

(31,965)

(32,654)

Settlement to Broker

(6,563)

-

Proceeds from Disposal of Investments

238

12,410

Settlement of Other Debtors

-

9

Receipt/(Payment) of Current Account Balances

-

4,200

Income Tax paid

-

(1,823)

Interest paid

-

(1,186)

Net Cash generated from/(used in) Operating Activities

A

(1,060)

84

CASH FLOW FROM INVESTING ACTIVITIES

Interest Received

269

-

Settlement of Loan

4,400

-

Loan granted to Colombo Fort Land & Building PLC

(4,400)

-

Net Cash Flows from Investing Activities

269

-

CASH FLOW FROM FINANCING ACTIVITIES

Movement in Fractional share proceeds

46

-

Net Cash Flows from Financing Activities

46

-

Net increase in Cash and Cash Equivalents

(745)

84

Cash and Cash Equivalents at the beginning of the period

2,047

1,963

Cash and Cash Equivalents at the end of the period

1,302

2,047

Note: A

Reconcilation of Profit for the Year to the net Cash Flows used in Operating Activities

Cash Flow from Operating Activities

Profit before tax

44,308

56,580

Adjustments for :

Net change in Fair Value through Profit or Loss Financial Assets

(52)

(22,540)

Gain on Disposal of Finanacial Assets

(115)

(9,540)

Dividend received as Scrip dividend

(5,786)

(5,953)

Interest Expense

-

1,447

Interest Income

(269)

-

Provision/(Reversal) for Related Party Receivable

-

(27)

Reversal of Impairment of AFS Investment

-

(1,625)

Write back of Unclaimed Dividends

-

(154)

Operating Profit before Working Capital Changes

38,086

18,188

Changes in Working Capital

(Increase)/Decrease in Receivables

(1,423)

3,099

(Increase)/Decrease in Amounts Due from Related Parties

-

4,200

Increase/(Decrease) in Trade & Other Paybles

(6,196)

(5,405)

Cash generated from /(used in) Operating Activities

30,467

20,082

Income Tax paid

-

(1,823)

Interest Paid

-

(1,186)

Acquisition of Investments

(31,965)

(32,654)

Proceeds from Disposal of Investments

438

15,665

Net Cash generated from / (used in) Operating Activities

(1,060)

84

5

COLOMBO INVESTMENT TRUST PLC

Company No. PQ 85

NOTES TO THE FINANCIAL STATEMENTS

For the Year ended 31st March 2024

* Market Price recorded during the Quarter

31.03.2024

31.03.2023

Rs.

Rs.

- Highest price

108.50

134.75

- Lowest price

75.50

96.00

- Last Traded price

99.00

118.00

  • 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 31st March 2024 was Rs.446,500,110/= against the market value of Rs.1,776,261,109/=.
  • Valuation of Investment Portfolio

Level 1

Level 2

Level 3

Total

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Financial Assets at Fair Value through Other Comprehensive Incom

1,393,102

-

77,666

1,470,768

Financial Assets at Fair Value through Profit or Loss

383,410

-

7

383,417

Total Financial Assets as at 31st March 2024

1,776,512

-

77,673

1,854,185

Level 1

Level 2

Level 3

Total

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Financial Assets at Fair Value through Other Comprehensive Incom

1,262,008

-

2,397

1,264,405

Financial Assets at Fair Value through Profit or Loss

344,902

-

7

344,909

Total Financial Assets as at 31st March 2023

1,606,910

-

2,404

1,609,314

* 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 except the following,

  • The figures in the Financial Statements are provisional and subject to audit.
  • The Stated Capital of the Company is Rs. 212,348,176/40 represented by 7,096,600 ordinary shares.

6

COLOMBO INVESTMENT TRUST PLC

Company No. PQ 85

NOTES TO THE FINANCIAL STATEMENTS (Cont.)

  • Details pertaining to Directors direct shareholdings as at 31st March 2024 are given below :

Name of Director

No of shares

Mr. S. D. R. Arudpragasam

491

Mr. S. Shanmugalingam

**438

Dr. J. M. Swaminathan

170

**Aggregate of 223 Fractional shares held in Trust, consequent to the Scrip Dividend in the years 2021, 2022, and 2023.

* The Percentage of the Shares held by the public as at 31st March 2024 was 10.08%.

* The number of Public Shareholders as at 31st March 2024 were 548.

  • 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 Capitalization as at 31.03.2024 was Rs. 70,818,390.72
  • Details of the Twenty Major Shareholders as at 31st March 2024 are as follows :

Name of Shareholders

No of Shares

%

Financial Trust Limited

2,693,526

37.96

Colombo Fort Investments PLC

1,848,469

26.05

Property and Investment Holdings (Pvt) Limited

1,016,100

14.32

The Colombo Fort Land & Building PLC

768,328

10.83

DFCC Bank PLC/G.A.C. De Silva

128,789

1.81

People's Leasing & Finance PLC/Dr.H.S.D. Soysa & Mrs. G. Soysa

74,340

1.05

Tranz Dominion, L. L. C.

68,465

0.96

Mrs. M. L. De Silva

62,584

0.88

People's Leasing & Finance PLC/ Mr. M. A. N. Yoosufali

42,503

0.60

Trust Holdings & Investments (Pvt) Limited

42,384

0.60

Commercial Bank of Ceylon PLC/N.H.Dawoodbhoy and Company (Pvt) Limited

22,441

0.32

Mr. S. Paramanathan

21,595

0.30

Miss.G. I. A. De Silva

21,157

0.30

Mr.M.D.S.Goonatilleke

15,138

0.21

Mr. G. J. W. De Silva

14,441

0.20

Miss.G. N. A. De Silva

14,441

0.20

Glenford Investments (Pvt) Limited

11,908

0.17

Mrs. N. Gunatilleke and Miss. N. Gunatilleke

11,479

0.16

Dr. H.W.E.Tissera

10,977

0.15

Shalsri Investments (Private) Limited

10,140

0.14

6,899,205

97.21

7

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Colombo Investment Trust plc published this content on 21 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 May 2024 10:53:07 UTC.