First Capital Holdings reports 1H net profit of Rs. 113 million

First Capital Holdings PLC (FCH) has reported net profit after tax of Rs. 113.2 million for the six months ended 30 September 2012, following an improved second quarter.

In figures released to the Colombo Stock Exchange, the Group said revenue was up by 6.7% to Rs. 700.6 million. This increase, mainly attributed to investments in government securities, came in the second quarter of 2012/13. Net profit after tax for the second quarter (July – September 2012) was Rs. 77 million as against Rs. 59 million in the corresponding three months of the preceding year.

Profit attributable to equity holders of the parent company at Rs. 107.1 million reflected a slight decline of 6.3% when compared with the corresponding figures of the previous year. Earnings per share declined marginally to Rs. 1.06 for the period from Rs. 1.13. Group net assets per share stood at Rs. 12.34 as at 30 September 2012.

Commenting on the Group’s performance, Mangala Jayashantha, Chief Financial Officer of First Capital said: “First Capital has had a relatively good period primarily due to a favourable position in the bond market, which resulted in substantial income for the Group’s primary dealer arm. In the year ahead, the Group proposes to extend the range of its corporate finance activities and products with special focus on debt capital markets.  With prospects of higher economic growth and greater liquidity, strong opportunities exist for market development as well as for wider participation in structured products.”

“Opportunities have also been identified in the provision of professional investment management and corporate finance advisory services, and the Group will exercise its strong resource base to serve customers in these areas,” he added.

The First Capital Group has been operating as a leading financial services provider for over two decades and presently has a Primary Dealership in government securities regulated by the Central Bank of Sri Lanka, and operations as a Margin Provider, Investment Manager and a Unit Trust Managing Company all under the regulatory purview of the Securities and Exchange Commission of Sri Lanka. In addition, First Capital Markets Limited is a member of the Colombo Stock Exchange (CSE) for listed debt.

First Capital’s Board of Directors comprises Deshamanya J.C.L. De Mel (Chairman), Manjula Mathews, Jehaan Ismail, Dinesh Schaffter, Nihara Rodrigo, Eardley Perera, Minette Perera, and Nishan Fernando.