Industrial Asphalts Ceylon : Interim Financial Statements - 30 September 2022

QUARTERLY ACCOUNTS

Q2 - 2022/2023

INDUSTRIAL ASPHALTS (CEYLON) PLC

QUARTERLY ACCOUNTS

Q2 2022/2023

3 IAC - QUARTERLY ACCOUNTS - Q2 - 2022/2023

INDUSTRIAL ASPHALTS (CEYLON) PLC

STATEMENT OF COMPREHENSIVE INCOME

			For the six months ended	For the quarter ended
			30.09.22	30.09.21		30.09.22	30.09.21
			(unaudited)	(unaudited) Change %	(unaudited)	(unaudited) Change %
	Notes	Rs'000	Rs'000		Rs'000	Rs'000
Continuing Operations
Revenue	4		22,291	20,774	7%	7,317	10,434	-30%
Other Operating Income			-	-	-	-	-	-
Administrative Expenses			(11,049)	(6,817)	-62%	(6,534)	(5,117)	-28%
Gain/ (Loss) on Revaluation of Investment Property	64,895	-	100%	64,895	-	100%
Profit/ (Loss) from Operating Activities			76,137	13,957	446%	65,678	5,317	1135%
Net Finance Income/ (Charges)			(619)	(29)	-2038%	(607)	(17)	-3406%
Profit/ (Loss) before Tax from Continuing			75,518	13,928	442%	65,071	5,300	1128%
Operations
Tax (Expense)/ Reversal			(1,517)	(740)	-105%	(2,640)	(447)	-491%
Profit/ (Loss) for the period from Continuing			74,001	13,188	461%	62,431	4,853	1186%
Operations
Discontinued Operations
Profit/ (Loss) from Discontinued Operations	11.1		-	(6,314)	100%	-	(66)	100%
Gain on Disposal of Paints & Coatings Division 11.2	-	359	-100%	-	359	-100%
Profit/ (Loss) for the period			74,001	7,233	923%	62,431	5,145	1113%
Other Comprehensive Income/ (Expenses) for
the period
Other Comprehensive Income for the period
(net of tax)			-	-	-	-	-	-
Total Comprehensive Income/ (Expenses) for the	74,001	7,233	923%	62,431	5,145	1113%
period net of tax
Profit/ (Loss) attributable to:
Equity Holders of the Company			74,001	7,233	923%	62,431	5,145	1113%
Earnings per share (Rs.):
Diluted and Basic Earnings/ (Loss) per Ordinary
Share			0.020	0.002		0.017	0.001

Figures in brackets indicate deductions.

The above figures are provisional and subject to audit.

4 IAC - QUARTERLY ACCOUNTS - Q2 - 2022/2023

INDUSTRIAL ASPHALTS (CEYLON) PLC

STATEMENT OF FINANCIAL POSITION

		30.09.22	31.03.22
As at	Notes	(unaudited)	(audited)	Change %
		Rs'000	Rs'000
ASSETS
Property, Plant and Equipment		13,551	13,721	-1%
Other Fixed Assets	5	9,901	11,534	-14%
Investment Property	1,113,656	1,048,761	6%
Non-current Assets		1,137,108	1,074,016	6%
Receivables and Prepayments	6	1,058	1,367	-23%
Other Financial Assets	51,944	168,697	-69%
Financial Assets at FVTPL		178,973	-	100%
Income Tax Overpaid		393	820	-52%
Cash & Cash Equivalents		440	301	46%
Current Assets		232,808	171,185	36%
TOTAL ASSETS		1,369,915	1,245,201	10%
EQUITY & LIABILITIES
Capital & Reserves
Stated Capital		156,642	156,642	0%
General Reserve		15,141	15,141	0%
Retained Earnings		1,120,245	1,046,244	7%
Total Equity		1,292,028	1,218,028	6%
Liabilities
Deferred Tax Liability		(9,824)	(10,915)	-10%
Retirement Benefit Obligation		353	203	-74%
Non-current Liabilities		(9,471)	(10,712)	-12%
Other Payables		147	505	71%
Payable on Equity Investments		40,038	-	-100%
Rent Deposit Received		35,400	35,400	0%
Income Tax Payable		-	-	-
Unclaimed Dividends		1,685	1,685	0%
Bank Overdraft		10,088	295	-3317%
Current Liabilities		87,358	37,885	-131%
Total Liabilities		77,887	27,173	-187%
TOTAL EQUITY & LIABILITIES		1,369,915	1,245,201	10%
Net Assets Value per Ordinary Share (Rs.)		0.34	0.32

The Statement of Financial Position as at 30th September 2022 and related Statements of Comprehensive Income, Changes in Equity and Cash Flow for the period ended 30th September 2022 are drawn up from the unaudited Financial Statements of the Company, and they provide the information required by the Colombo Stock Exchange.

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. The Financial Controller certifies that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

1. Fernando
   Financial Controller

Approved and signed for and on behalf of the Board of Directors

Director

Director

07th November 2022

Colombo

5 IAC - QUARTERLY ACCOUNTS - Q2 - 2022/2023

INDUSTRIAL ASPHALTS (CEYLON) PLC

STATEMENT OF CHANGES IN EQUITY

For the sixmonths ended 30th September 2022

			Stated Revaluation	General	Retained	Total
			Capital	Reserve	Reserve	Earnings	Equity
			Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Balance as at 1st April 2021 (audited)	156,642	46,113	15,141	770,505	988,401
Net Profit/ (Loss) for the six months - Continuing Operations	-	-	-	13,188	13,188
Net Profit/ (Loss) for the six months - Discontinued Operations	-	-	-	(5,956)	(5,956)
Other Comprehensive Income for the period	-	-	-	-	-
Total Comprehensive Income for the period			156,642	46,113	15,141	777,738	995,634
Net Profit/ (Loss) for the six months - Continuing Operations	-	-	-	222,168	222,168
Net Profit/ (Loss) for the six months - Discontinued Operations	-	-	-	(393)	(393)
Transferred from Revaluation Reserve	-	(46,113)	-	46,113	-
Other Comprehensive Income for the period	-	-	-	619	619
Total Comprehensive Income for the period			156,642	-	15,141	1,046,244	1,218,028
Transactions with equity holders
Dividend paid	-	-	-	-	-
Balance as at 31st March 2022 (audited)		156,642	-	15,141	1,046,244	1,218,028
Balance as at 1st April 2022 (audited)	156,642	-	15,141	1,046,244	1,218,028
Net Profit/ (Loss) for the six months - Continuing Operations	-	-	-	74,001	74,001
Net Profit/ (Loss) for the six months - Discontinued Operations	-	-	-	-	-
Other Comprehensive Income for the period	-	-	-	-	-
Total Comprehensive Income for the period		156,642	-	15,141	1,120,245	1,292,028
Transactions with equity holders
Dividend paid	-	-	-	-	-
Balance as at 30th September 2022 (unaudited)		156,642	-	15,141	1,120,245	1,292,028