BIL’s 2011FY post-tax profit tops Rs. 2 b

Wednesday, 27 July 2011 00:43 - - {{hitsCtrl.values.hits}}

Browns Investments Ltd’s consolidated after-tax profit in the 31 March, 2011 ended financial year had topped the Rs. 2 billion mark, an exponential growth in comparison to Rs. 155 million in the previous year.

As per audited accounts released this week, net profit attributable to equity holders amounted to Rs. 1.9 billion, as against Rs. 43.5 million in FY2010.

Browns Investments is a diversified company with interests in leisure, plantations, manufacturing, construction, cable manufacturing, agriculture and hydro power generation. It has plans to further expand in leisure as well as enter real estate.

Group revenue had topped the Rs. 3 billion mark as well from Rs. 2.45 billion in the previous year whilst pre-tax profit grew from Rs. 174 million to Rs. 2.13 billion.

Total assets at Group level amounted to Rs. 11.85 billion including Rs. 4 billion in short term investments) as at 31 March, 2011, up from Rs. 7.2 billion a year earlier whilst that of the company grew from Rs. 1.3 billion to Rs. 7.4 billion.

Non-current liabilities were Rs. 1.56 billion, as against Rs. 1.36 billion a year earlier whilst current liabilities had dipped to Rs. 688.3 million from Rs. 830.5 million bringing total group liabilities to Rs. 2.24 billion, from Rs. 2.19 billion in FY2010. Net asset per share was Rs. 4.47 at Group level and Rs. 3.65 at company level.

Revenue from investments and tea business had generated Rs. 1.2 billion each in revenue. Whilst revenue from investments was up from Rs. 9.2 billion in FY2010, tea reflected a lower performance as opposed to Rs. 1.9 billion in FY2010. Despite the lower revenue, tea business produced a gross profit of Rs. 66 million as against a loss of Rs. 9 million. Rubber which generated revenues of Rs. 467 million in FY2011, ensured a profit of Rs. 270 million. In FY2010 these figures were Rs. 485.6 million and Rs. 155 million respectively. BIL’s hydro business revenues were Rs. 37 million, up from Rs. 2.7 million and profit amounted to Rs. 26.7 million as against Rs. 1.3 million in FY2010. Market value adjustments for carrying value of short term investments was Rs. 127 million whilst gain on deemed disposal of interest in joint venture was Rs. 327 million. BIL’s joint venture Free Lanka Capital Holdings went public and formers holding in the latter reduced to 22.7% resulting in a gain of Rs. 327 million.