Market dull, turnover drops

The market saw lackluster trading with turnover dropping to a low of Rs 85 million with the interest seen mainly in John Keells Holdings (Rs 7 million) and Central Finance ( Rs 5 million). The ASPI lost 10 points (-0.38%) to close at 2586 while the MPI which tracks the most liquid stocks moved down by 21 points (-0.68%) to end the day at 3134.

Lanka Tiles reported sales of Rs 2.5 billion for the 12 months ending March 2008, an increase of 22% from the previous year. The profit for the period was Rs 311 million which was an increase of 14%.

The group's EPS was Rs 10.29 Lanka Walltile's reporting for the financial year ending March 2008, increased its revenue by 18% to Rs 6.8 billion. Nonetheless an increase of finance costs by 29% to Rs 161 million and a 25% increase in taxes payable to Rs 203 million reduced profitability by 3% to Rs 618 million. The EPS of the group was Rs 11.32

Hayley's Exports reported a turnaround in prospects with the company increasing its annual revenue by 29% to Rs 607 million. The company returned to profitability in the year under consideration to the tune of Rs 12 million from a loss of Rs 69 million from the previous year. The EPS for the year was Rs 1.59.

Merchant Bank of Sri Lanka reported a revenue of Rs 374 million for the 1st quarter ending March 2008, an increase of 18%. However, loan loss provision of Rs 23 million, reduced income from investments and fee-based services along with rises in costs have brought profitability down to Rs 31 million from Rs 61 million over the corresponding period in 2007.

The Earnings per Share (EPS) of the group was 31 cents for the quarter Pan Asia Bank's revenue in the 3 months to March 2008 was Rs 635 million, representing an increase of 64%. Profit for the period was Rs 66 million, an increase in Rs 46% over the Rs 45 million the bank made in 2007. The bank's EPS was 60 cents for the three months.

The day's other actively traded stocks were Commercial Bank - Non-voting (Rs. 4.6 million), ACL Cables (Rs 4.5 Million) and Kelani Tyres (Rs 4.3 million)