Industrial Asphalts Ceylon : Interim Financial Statements - 31 December 2021

QUARTERLY ACCOUNTS

Q3 - 2021/2022

INDUSTRIAL ASPHALTS (CEYLON) PLC

QUARTERLY ACCOUNTS

Q3 2021/2022

3 IAC - QUARTERLY ACCOUNTS - Q3 - 2021/2022

INDUSTRIAL ASPHALTS (CEYLON) PLC

STATEMENT OF COMPREHENSIVE INCOME

		For the nine months ended	For the quarter ended
		31.12.21	31.12.20		31.12.21	31.12.20
		(unaudited)	(unaudited) Change %	(unaudited)	(unaudited) Change %
Notes	Rs'000	Rs'000		Rs'000	Rs'000
Continuing Operations
Revenue	3	26,550	91,485	-71%	8,850	15,628	-43%
Cost of Sales		-	(52,960)	100%	-	(3,231)	100%
Gross Profit		26,550	38,524	-31%	8,850	12,396	-29%
Other Income/ Expenses		-	14,420	-100%	-	13,968	-100%
Distribution Expenses		-	(8,213)	100%	-	(3,464)	100%
Administrative Expenses		(12,763)	(13,790)	7%	(6,033)	(5,869)	-3%
Profit/ (Loss) from Operating Activities		13,787	30,941	-55%	2,817	17,031	-83%
Net Finance Income/ (Charges)		5,319	(8,678)	161%	2,274	(1,918)	219%
Profit/ (Loss) before Tax from Continuing		19,106	22,262	-14%	5,090	15,112	-66%
Operations
Tax (Expense)/ Reversal		(1,285)	(1,550)	17%	(545)	(1,000)	45%
Profit/ (Loss) for the period from Continuing		17,821	20,712	-14%	4,545	14,112	-68%
Operations
Discontinued Operations
Profit/ (Loss) after Tax from Discontinued		(6,402)	-	-100%	-	-	0%
Operations
Gain on Disposal of Paints & Coatings Division	6	359	-	100%	-	-	0%
Profit/ (Loss) for the period		11,778	20,712	-43%	4,545	14,112	-68%
Other Comprehensive Income
Total Other Comprehensive Income for the period
(net of tax)		-	-	0%	-	-	0%
Total Comprehensive Income for the period (net		11,778	20,712	-43%	4,545	14,112	-68%
of tax)
Profit/ (Loss) attributable to:
Equity Holders of the Company		11,778	20,712	-43%	4,545	14,112	-68%
Earnings per share (Rs.):
Basic earnings/ (loss) per ordinary share		0.003	0.006		0.001	0.004

Figures in brackets indicate deductions.

The above figures are provisional and subject to audit.

4 IAC - QUARTERLY ACCOUNTS - Q3 - 2021/2022

INDUSTRIAL ASPHALTS (CEYLON) PLC

STATEMENT OF FINANCIAL POSITION

		31.12.21	31.03.21
As at	Notes	(unaudited)	(audited)	Change %
		Rs'000	Rs'000
ASSETS
Property, Plant and Equipment		26,327	34,556	-24%
Investment Property		843,500	843,500	0%
Non-current Assets		869,827	878,056	-1%
Inventories		-	6,093	-100%
Trade and Other Receivables		1,255	35,318	-96%
Other Financial Assets		157,663	89,372	76%
Income Tax Overpaid		3,406	3,406	0%
Cash & Cash Equivalents		3,540	13,782	-74%
Current Assets		165,864	147,969	12%
TOTAL ASSETS		1,035,691	1,026,025	1%
EQUITY & LIABILITIES
Capital & Reserves
Stated Capital		156,642	156,642	0%
Revaluation Reserve		46,113	46,113	0%
General Reserve		15,141	15,141	0%
Retained Earnings		782,283	770,505	2%
Total Equity		1,000,179	988,401	1%
Liabilities
Deferred Tax Liability		(3,820)	(3,820)	0%
Retirement Benefit Obligation		887	2,185	59%
Non-current Liabilities		(2,933)	(1,635)	79%
Trade and Other Payables		75	2,175	97%
Rent Deposit Received		35,400	35,400	0%
Income Tax Payable		1,285	-	-100%
Unclaimed Dividends		1,685	1,268	-33%
Bank Overdraft		-	417	100%
Current Liabilities		38,444	39,259	2%
Total Liabilities		35,511	37,624	6%
TOTAL EQUITY & LIABILITIES		1,035,691	1,026,025	1%
Net Assets Value per Ordinary Share (Rs.)		0.29	0.29

The Statement of Financial Position as at 31st December 2021 and related Statements of Comprehensive Income, Changes in Equity and Cash Flow for the period ended 31st December 2021 are drawn up from the unaudited Financial Statements of the Company, and they provide the information required by the Colombo Stock Exchange.

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. The Financial Controller certifies that the Financial Statements have been prepared in compliance with the

1. Fernando
   Financial Controller

Approved and signed for and on behalf of the Board of Directors

Director

Director

11th February 2022

Colombo

5 IAC - QUARTERLY ACCOUNTS - Q3 - 2021/2022

INDUSTRIAL ASPHALTS (CEYLON) PLC

STATEMENT OF CHANGES IN EQUITY

For the nine months ended 31st December 2021

	Stated	Revaluation	General	Retained	Total
	Capital	Reserve	Reserve	Earnings	Equity
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Balance as at 1st April 2020 (audited)	6,666	46,113	15,141	653,721	721,641
Net Profit/ (Loss) for the nine months	-	-	-	20,712	20,712
Other Comprehensive Income for the period	-	-	-	-	-
Total Comprehensive Income for the period	6,666	46,113	15,141	674,433	742,353
Net Profit/ (Loss) for the three months	-	-	-	96,486	96,486
Rights Issue during the period	149,976	-	-	-	149,976
Other Comprehensive Income for the period	-	-	-	(414)	(414)
Total Comprehensive Income for the period	149,976	-	-	96,072	246,048
Transactions with equity holders
Dividend paid	-	-	-	-	-
Balance as at 31st March 2021 (audited)	156,642	46,113	15,141	770,505	988,401
Balance as at 1st April 2021 (audited)	156,642	46,113	15,141	770,505	988,401
Net Profit/ (Loss) for the nine months	-	-	-	11,778	11,778
Other Comprehensive Income for the period	-	-	-	-	-
Total Comprehensive Income for the period	156,642	46,113	15,141	782,283	1,000,179
Transactions with equity holders
Dividend paid	-	-	-	-	-
Balance as at 31st December 2021 (unaudited)	156,642	46,113	15,141	782,283	1,000,179