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.) | - | - | - | - |
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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 |
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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.