First Capital Holdings Plc reports Rs. 406 million consolidated PAT for the first half of 2016/2017

First Capital Holdings Plc reported significant growth during the first half of 2016/17, recording a consolidated turnover of Rs. 1.78 billion. The investment bank’s consolidated profit after tax increased to Rs. 406 million compared to Rs. 4 million during the corresponding period of the previous year.  

The group’s primary dealer arm, First Capital Treasuries Plc, was the leading contributor towards the financial results for the period under review. The company reported a profit after tax of Rs. 371 million for the first half of 2016/17 (2015/16 – loss after tax of Rs. 97 million). 

First Capital Treasuries is the pioneer non-bank Primary Dealer appointed by Central Bank and is listed on the Colombo Stock Exchange. Further, the company’s credit rating was reaffirmed by ICRA Lanka at “A-” with a stable outlook in September 2016.

The Capital Markets Advisory of the Group, First Capital Ltd, which specialises in the structuring and placement of corporate debt securities, successfully mobilised Rs. 6.8 billion through listed debentures, asset backed securitisations and other corporate debt securities. 

Research-driven investment recommendations, published by First Capital Equities Ltd, the Group’s stockbroker business, have collectively outperformed the broad market index ASPI and the liquid counter index S&P SL20 in the past two years.

“We are pleased with our performance to date and expect to navigate the unsettled market conditions with caution during the second half of the financial year. The Group will continue to build on the current growth momentum across all its subsidiary businesses while expanding on research and equity advisory services,” said First Capital Holdings Plc CEO Dilshan Wirasekara. 

First Capital Holdings Plc (First Capital Group) is an investment bank comprising First Capital Treasuries Plc, First Capital Ltd, First Capital Asset Management Ltd, First Capital Equities Ltd, First Capital Markets Ltd and First Capital Trustee Services (Private) Ltd.  The company’s Board of Directors comprises Executive Chairperson Manjula Mathews, Managing Director Dinesh Schaffter, Eardley Perera, Minette Perera, Nishan Fernando and Chandana de Silva as Independent Directors.

The company is listed on the Colombo Stock Exchange and is rated “A-” with a stable outlook by ICRA Lanka.