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Wednesday, December 01, 2010 - 4.36 GMT |
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Private companies increase profit |
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Profits earned by private companies have increased considerably in the 3rd quarter of 2010 according to a survey carried out by the Securities and Exchange Commission of Sri Lanka.
This increase is significantly reflected in the companies which deal in the import of vehicles, and slashing of taxes on vehicle imports has contributed to this upward trend. The survey has covered 220 companies and 92% of these companies are listed companies in the Colombo Stock Exchange.
As per the survey, earnings of these companies have increased by 169.4% by the end of Third Quarter (September) this year, compared to the same period last year. Earnings of these companies which amounted to Rs.12.8 Billion in the third quarter last year has increased to Rs.34.5 Billion by third quarter this year.
The profits of these companies have increased by 143.5% by third quarter this year compared to the profits earned by third quarter last year.
The survey also points out that out of the 20 segment s of companies listed in the Colombo Stock Exchange, except for the segments relating to manufacture of footwear, apparel industry and oil farm industry, companies coming under all other segments have increased their profits by the third quarter this year.
Earnings of companies dealing in the import and trading of vehicles have increased profusely in the third quarter this year, amounting to an increase of 897% compared to the earnings by third quarter last year. The slashing of import tax and the increase in the sale of vehicles has contributed to this increase in earnings.
Accordingly the companies importing and trading in vehicles have earned an income of Rs. 713.8 Million by the third quarter this year and out of which they have earned a profit of Rs.71.6 Million.
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