LANKA REALTY INVESTMENTS PLC Interim Financial Statements
3 1 S T D E C E M B E R 2 0 2 2
Contents
1. | Review of Consolidated Accounts | 01 |
2. | Statement of Profit or Loss & Other Comprehensive Income | 02 - 03 |
3. | Statement of Financial Position | 04 |
4. | Statement of Changes in Equity | 05 |
5. | Statement of Cash Flows | 06 |
6. | Notes to the Interim Financial Statements | 07 - 09 |
7. | Corporate Information | 10 |
Review of Consolidated Accounts
For the Nine Months Ended 31st December 2022
Balance Sheet Analysis
TOTAL ASSETS
Total Assets have remained unchanged with only a marginal decrease of 3% at LKR 17,332 m compared with LKR 17,987.5 m as at end of March 2022. Total Non-Current Assets recorded a slight increase of 1% to LKR 15,533.5 m compared with LKR 15,393.8 m as at end of March 2022. Total Current Assets showcased a 31% decrease to LKR 1,798.5 m compared with LKR 2,593.8 m as at end of March 2022. The decrease in Current Assets was mainly due to the decrease in inventories.
TOTAL SHAREHOLDERS' FUNDS (NET ASSETS)
Total Shareholders' Funds decreased by 16% to LKR 8,199.6 m at the end of December 2022 compared to LKR 9,710.3 m at the end of March 2022.
NET ASSET VALUE PER SHARE (NAVPS)
The NAVPS was LKR 38.79 as at end of December 2022 compared with the LKR 45.94 per share recorded for the financial year ended March 2022.
LOAN TO VALUE (LTV)
The LTV recorded for the quarter ended December 2022 was 26.20%. This was a marginal increase compared with the 24.52% recorded for the financial year ended March 2022.
P&L Analysis
REVENUE | EXPENSES | OPERATIONAL PROFIT
Overall consolidated revenue increased by 36% to LKR 542.2 m in the quarter ended 31st December 2022 compared with LKR 399.0 m in the corresponding quarter of the previous year. This increase was primarily due to the increased contributions from sales at the Mulberry residential apartments. As a result of the above, the corresponding direct expenses demonstrated an increase of 94% to record LKR 533.9 m for the quarter ended 31st December 2022 compared with LKR 251.1 m during the comparable period in the previous year. The operational loss recorded for the quarter was LKR 67.6 m compared with the operating profit of LKR 92.4 m recorded during the quarter ended December 2021.
PROFIT/LOSS AFTER TAX
The Group incurred a loss of LKR 775.1 m for the quarter ended December 2022 compared with a profit of LKR 10.4 m reported in the corresponding quarter of the previous year. The reported loss was mainly attributable to the rise in tax expenses. With effect from 1st January 2023, the group will be subject to the new tax rates as per the new Inland Revenue (Amendment) Act.
EARNINGS PER SHARE (EPS)
The EPS was LKR (3.38) per share for the quarter ended 31st December 2022, compared with LKR (0.04) per share in the corresponding period of the previous year.
01
Statement of Profit or Loss & Other Comprehensive Income
For the Nine Months Ended 31st December 2022
Group | Company | ||||||
Notes | |||||||
31-12-2022 | 31-12-2021 | Change % | 31-12-2022 | 31-12-2021 | Change % | ||
LKR 000 | LKR 000 | LKR 000 | LKR 000 | ||||
Revenue | 4 | 1,558,709 | 707,612 | 120% | 277,917 | 62,190 | 347% |
Direct expenses | (1,511,399) | (454,076) | 233% | - | - | - | |
Gross profit | 47,310 | 253,536 | -81% | 277,917 | 62,190 | 347% | |
Other operating income | 11,823 | 10,439 | 13% | - | - | - | |
Administration expenses | (186,239) | (127,508) | 46% | (9,912) | (8,260) | 20% | |
Selling and distribution expenses | (17,886) | (28,465) | -37% | - | - | - | |
Other operating expense | (2,496) | (5,315) | -53% | (12) | (2) | 493% | |
Operating profit/loss | (147,487) | 102,685 | 244% | 267,993 | 53,928 | 397% | |
Finance expense | (610,548) | (221,657) | 175% | (98,898) | (74,258) | 33% | |
Finance income | 93,308 | 36,176 | 158% | 456 | 405 | 13% | |
Change in fair value of investment properties | - | - | - | - | - | - | |
Profit/(loss) before tax | (664,728) | (82,796) | 703% | 169,551 | (19,926) | 951% | |
Tax (expense)/reversal | (558,851) | (32,549) | 1617% | 193 | - | 100% | |
Profit/(loss) for the period | (1,223,579) | (115,343) | 961% | 169,744 | (19,926) | 952% | |
Other comprehensive income | |||||||
Gain/(loss) on post employment benefit obligations | 1,528 | 248 | 516% | - | - | - | |
Gain/(loss) on property revaluation | - | - | - | - | - | - | |
Tax Effect on other comprehensive Income | (302,998) | (60) | 504897% | ||||
Other comprehensive income for the year, net of tax | (301,470) | 188 | 160456% | - | - | - | |
Total comprehensive income for the year, net of tax | (1,525,049) | (115,155) | 1224% | 169,744 | (19,926) | 952% | |
Profit/(Loss) attributable to: | |||||||
Equity holders of the parent company | (1,216,515) | (162,841) | 647% | - | - | - | |
Non-controlling Interest | (7,064) | 47,497 | 115% | - | - | - | |
(1,223,579) | (115,343) | 961% | - | - | - | ||
Total comprehensive income attributable to: | |||||||
Equity holders of the parent company | (1,510,731) | (162,746) | 828% | - | - | - | |
Non-controlling interest | (14,319) | 47,590 | 130% | - | - | - | |
(1,525,049) | (115,155) | 1224% | - | - | - | ||
Diluted earnings / (loss) per share - LKR | (5.76) | (0.77) | 0.80 | (0.09) |
Figures in brackets indicate deductions .
02
Statement of Profit or Loss & Other Comprehensive Income
For the Quarter Ended 31st December 2022
Group | Company | ||||||
Notes | |||||||
31-12-2022 | 31-12-2021 | Change % | 31-12-2022 | 31-12-2021 | Change % | ||
LKR 000 | LKR 000 | LKR 000 | LKR 000 | ||||
Revenue | 542,216 | 399,014 | 36% | 175,765 | 23,059 | 662% | |
Direct expenses | (533,895) | (251,100) | 113% | - | - | - | |
Gross profit | 8,321 | 147,914 | -94% | 175,765 | 23,059 | 662% | |
Other operating income | 4,099 | 3,827 | 7% | - | 2 | -100% | |
Administration expenses | (71,243) | (46,980) | 52% | (3,712) | (2,820) | 32% | |
Selling and distribution expenses | (8,205) | (10,819) | -24% | - | - | - | |
Other operating expense | (614) | (1,520) | -60% | (20) | - | 100% | |
Operating profit/loss | (67,641) | 92,422 | 173% | 172,032 | 20,241 | 750% | |
Finance expense | (222,887) | (81,804) | 172% | (53,624) | (14,865) | 261% | |
Finance income | 37,698 | 13,084 | 188% | 204 | 135 | 51% | |
Change in fair value of investment properties | - | - | - | - | - | - | |
Profit/(loss) before tax | (252,831) | 23,702 | 1167% | 118,612 | 5,512 | 2052% | |
Tax (expense)/reversal | (522,263) | (13,280) | 3833% | 193 | - | 100% | |
Profit/(loss) for the period | (775,093) | 10,422 | 7537% | 118,805 | 5,512 | 2055% | |
Other comprehensive income | |||||||
Gain/(loss) on post employment benefit obligations | 509 | 83 | 513% | - | - | - | |
Gain/(loss) on property revaluation | - | - | - | - | - | - | |
Tax Effect on other comprehensive Income | (302,754) | (20) | 1513670% | - | - | ||
Other comprehensive income for the year, net of tax | (302,245) | 63 | 479854% | - | - | - | |
Total comprehensive income for the year, net of tax | (1,077,338) | 10,485 | 10375% | 118,805 | 5,512 | 2055% | |
Profit/(loss) attributable to : | |||||||
Equity holders of the parent company | (714,167) | (8,698) | 8111% | - | - | - | |
Non-controlling Interest | (60,926) | 19,120 | -419% | - | - | - | |
(775,093) | 10,422 | -7537% | - | - | |||
Total comprehensive income attributable to: | |||||||
Equity holders of the parent company | (1,008,777) | (8,666) | 11541% | - | - | - | |
Non-controlling interest | (68,561) | 19,151 | -458% | - | - | - | |
(1,077,338) | 10,485 | -10375% | - | - | - | ||
Earnings / (loss) per share - LKR | (3.38) | (0.04) | 0.56 | 0.03 |
Figures in brackets indicate deductions .
03
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Lanka Realty Investments plc published this content on 08 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 February 2023 11:47:38 UTC.
