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| Tuesday, 17 August 2004 |
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Browns turns net loss to Rs. 317 million profit after tax Brown and Company Ltd recorded a Rs. 317 million profit after tax for the financial year ended March 31, 2004 compared with a net loss of Rs. 155 million for the previous year. Chairman of Brown Group, M.V. Theagarajah said that the Company had been on the Default Board of the Colombo Stock Exchange since October 14, 2002 for non-rendition of the Financial Statements as required by the Listing Rules of the Colombo Stock Exchange. With the submission of this quarterly Financial statements for the fourth quarter ended March 31, 2004 the Colombo Stock Exchange will revert the Company listing to the Main Board. The Company after a lapse of three years, has returned to profits. The Group has recorded a net profit of Rs. 317 million as compared with a net loss or Rs. 155 million for the previous year as per the fourth quarter un-audited provisional financial statements for the year ended March 31, 2004. The enhanced other operating income - Rs. 78 million reduced financing cost - Rs. 142 million increase in income from Associates - Rs. 199 million together with the profit contribution received from all the Subsidiaries, resulted in the Group net profit of Rs. 317 million in comparison to a net loss of Rs. 155 million last year. (SP) |
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