Asia Capital : Quarterly Financial Report as at 31.03.2022

ASIA CAPITAL PLC

Interim Report

4th Quarter Ended 31st March 2022

ASIA CAPITAL PLC

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME- GROUP

Nine months ended 31st December	Twelve months ended 31st March	Qtr ended 31st March
	2022	2021	Change %	2022	2021	Change %
	Rs.'000	Rs.'000		Rs.'000	Rs.'000
Revenue	311,284	56,473	451%	144,690	31,160	364%
Cost of Sales	(151,621)	(27,651)	448%	(56,422)	(15,005)	276%
Gross Profit	159,663	28,822	454%	88,268	16,155	446%
Other Operating Income	117,811	364,208	-68%	109,661	497,492	-78%
Selling and Distribution Expenses	(18,910)	(29,174)	-35%	(4,331)	(49,206)	-91%
Administrative Expenses	(392,225)	(362,035)	8%	(114,311)	(117,245)	-3%
Other Operating Expenses	(672,509)	(103,769)	548%	(623,172)	(233,578)	167%
Net Finance Income/(Cost)	(191,349)	(197,497)	-3%	(56,764)	(89,333)	-36%
Share of Profit /(Loss) of Associate	(450)	(424)	6%	(220)	(653)	-100%
Profif/(Loss) Before Taxation	(997,969)	(299,869)	233%	(600,869)	23,632	-2643%
Income Tax	-	22		-	-
Profit/(Loss) for the Period	(997,969)	(299,847)	233%	(600,869)	23,632	-2643%
Attributable to
Equity Holders of the Parent Company	(933,434)	(161,587)		(591,240)	128,312
Non-Controlling Interest	(64,535)	(138,260)		(9,629)	(104,679)
	(997,969)	(299,847)	233%	(600,869)	23,632	-2643%
Basic Earnings/(Loss) Per Share (Rs.)	(7.11)	(1.23)		(4.50)	0.98
STATEMENT OF OTHER COMPREHENSIVE INCOME-GROUP
Profit/(Loss) for the Period	(997,969)	(299,847)	233%	(600,869)	23,632	-2643%
Other Comprehensive Income
Acturial Gain /(loss) on Defined Benefit Obligations	-	9,002		-	-
Revaluation Surplus on Property, Plant and Equipment	-	-		-	-
Deferred Taxation on Revaluation Surplus	-	-		-	-
Net Gain on Equity Instruments Designated at Fair value Through	-	(3,118)		-	-
Other Comprehensive Income	-	-		-	-
Other Comprehensive Income for the Period, net of tax	-	5,884		-	-
Total Comprehensive Income for the Period	(997,969)	(293,963)	239%	(600,869)	23,632	-2643%
Attributable to
Equity Holders of the Parent Company	(933,434)	(156,840)		(591,240)	128,311
Non-Controlling interest	(64,535)	(137,123)		(9,629)	(104,679)
Total Comprehensive Income for the Period	(997,969)	(293,963)	239%	(600,869)	23,632	-2643%

Note: Figures in bracket indicate deductions.

The above figures given are provisional and subject to audit.

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ASIA CAPITAL PLC

STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME- COMPANY

Nine months ended 31st December	Twelve months ended 31st March	Qtr ended 31st March
	2022	2021	Change %	2022	2021	Change %
	Rs.'000	Rs.'000		Rs.'000	Rs.'000
Revenue	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-
						-
Other Operating Income	106,393	151,873	-30%	106,393	121,797	-13%
Selling and Distribution Expenses	(1,054)	(16,010)	-100%	(209)	(15,004)	-99%
Administrative Expenses	(67,685)	(92,612)	-27%	(9,807)	(31,458)	-69%
Other Operating Expenses	(662,593)	(102,623)	546%	(623,172)	(88,561)	604%
Net Finance Income/(Costs)	(175,519)	(142,263)	23%	(50,052)	(47,334)	6%
Profit/(Loss) Before Taxation	(800,458)	(201,635)	297%	(576,847)	(60,560)	853%
Income Tax Expense	-	-		-	-
Profit/(Loss) for the Period	(800,458)	(201,635)	297%	(576,847)	(60,560)	853%
Basic Earnings/(Loss) Per Share (Rs.)	(6.10)	(1.54)		(4.39)	(0.46)
STATEMENT OF OTHER COMPREHENSIVE INCOME
Profit/(Loss) for the Period	(800,458)	(201,635)	297%	(576,847)	(60,560)	853%
Other Comprehensive Income
Acturial Gain /(loss) on Defined Benefit Obligations	-	6,690		-	-
Revaluation Surplus on Property, Plant and Equipment	-	-		-	-
Deferred Taxation on Revaluation Surplus	-	-		-	-
Net Gain on Equity Instruments Designated at Fair value Through	-	(3,118)		-	-
Other Comprehensive Income
Other Comprehensive Income for the Period, net of tax	-	3,572		-	-
Total Comprehensive Income for the Period	(800,458)	(198,063)	304%	(576,847)	(60,560)	853%

Note: Figures in bracket indicate deductions.

The above figures given are provisional and subject to audit.

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ASIA CAPITAL PLC

STATEMENTS OF FINANCIAL POSITION

	GROUP		COMPANY
AS AT	31.03.2022	31.03.2021	31.03.2022	31.03.2021
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
		(Audited)		(Audited)
ASSETS
Non-Current Assets
Property, Plant and Equipment	3,053,724	3,167,970	18,900	28,737
Intangible Assets	340,426	340,622	361	550
Investment Properties	127,780	127,780	64,145	127,780
Investments in Subsidiaries	-	-	1,213,595	1,213,597
Investments in Associates	170,149	171,072	398,839	398,839
Equity instruments measured at fair value through OCI	117,430	117,430	117,430	117,430
Long Term Deposits and Advances	568	5,147	568	5,147
Total Non-Current Assets	3,810,077	3,930,021	1,813,838	1,892,080
Current Assets
Inventories	11,406	143,991	-	-
Other Financial Assets	20	84,655	517	61,161
Income Tax Receivable	394	1,501	-	-
Trade and Other Receivables	438,437	168,254	137,159	35,298
Deferred Taxation	15	-	-	-
Amounts due from Related Parties	548,642	566,717	1,733,706	1,534,729
Cash and Cash Equivalents	103,176	34,417	26,091	25,004
Total Current Assets	1,102,090	999,535	1,897,473	1,656,192
Total Assets	4,912,167	4,929,556	3,711,311	3,548,272
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital	1,498,498	1,498,498	1,498,498	1,498,498
Revaluation Reserves	1,329,594	1,242,858	5,905	5,905
Retained Earnings/ (Accumulated Losses)	(3,027,608)	(2,091,998)	(1,319,803)	(518,356)
Shareholders' Fund	(199,517)	649,358	184,600	986,047
Non-controlling interest	877,861	952,009	-	-
Total Equity	678,344	1,601,367	184,600	986,047
Non-Current Liabilities
Retirement Benefit Obligations	31,539	31,748	15,359	15,877
Interest Bearing Borrowings - Due after one year	542,048	465,855	30,476	31,870
Non - Interest Bearing Borrowings -Due after one year	790,795	790,795	790,795	790,795
Lease liability	36,444	20,008	-
Total Non-Current Liabilities	1,400,826	1,308,406	836,630	838,542
Current Liabilities
Non - Interest Bearing Borrowings - Current	57,416	49,866	57,416	49,866
Interest Bearing Borrowings - Current	2,151,533	1,243,110	2,166,633	1,220,655
Lease liability	3,137	7,131	-	-
Deffered Income	4,035	4,035	4,035	4,035
Trade and Other Payables	149,165	219,825	54,574	65,108
Amounts due to Related Parties	-	-	68,321	50,133
Income Tax Payable	42,844	42,851	42,844	42,845
Bank Overdrafts	424,867	452,965	296,258	291,042
Total Current Liabilities	2,832,997	2,019,783	2,690,081	1,723,684
Total Liabilities	4,233,823	3,328,189	3,526,711	2,562,226
Total Equity and Liabilities	4,912,167	4,929,556	3,711,311	3,548,273
Net Assets Per Share (Rs.)	(1.52)	4.94	1.41	7.51
Note: Figures in bracket indicate deductions.
The above figures given are provisional and subject to audit.

I certify that the above financial statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007

Sgd

Thusitha Perera

Chief Executive Officer

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

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

Sgd	Sgd
K G sri Chandasekara	D Swarnasinghe
Director	Director
31st May Colombo.

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ASIA CAPITAL PLC

STATEMENT OF CHANGES IN EQUITY

GROUP
				Total
	Stated	Revaluation	Retained Earnings/	Attributable to	Non-controlling	Total
	Capital	Reserve	Accumulated Losses	Equity holders	Interest	Equity
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Balance as at 01st April 2020	1,498,498	1,361,370	(1,927,527)	932,341	935,493	1,867,834
Prior Period adjustments	-	(994)	(19,488)	(20,481)	(3,429)	(23,910)
Transferred to Reservers	-	-	-	-	-	-
Profit / (Loss) for the period	-	-	(270,286)	(270,286)	(54,329)	(324,615)
Other Comprehensive Income for the year (Net of tax)	-	-		-	-	-
Adjustment on Acquisition,Disposal and Change in Holding of Subsidiary	-	-	-	-	-	-
Balance as at 31st December 2020	1,498,498	1,360,376	(2,217,300)	641,574	877,735	1,519,309
Prior Period adjustments	-	994	19,487	20,481	4,566	25,047
Transferred to Reservers	-	-	-	-	-	-
Profit / (Loss) for the period	-	-	108,699	108,699	(83,931)	24,768
Other Comprehensive Income for the year (Net of tax)	-	-	4,747	4,747	-	4,747
Adjustment on Acquisition,Disposal and Change in Holding of Subsidiary	-	(118,512)	(7,631)	(126,143)	153,639	27,496
Revaluation Surpuls on Propery, Plant and Equipment	-	-	-	-	-	-
Balance as at 31st March 2021	1,498,498	1,242,858	(2,091,998)	649,358	952,009	1,601,367
Prior Period adjustments	-	-	(5,097)	(5,099)	33,308	28,209
Profit / (Loss) for the period	-	-	(933,434)	(933,434)	(64,535)	(997,969)
Other Comprehensive Income for the year (Net of tax)	-	-	-	-	-	-
Transferred To Reserves	-	-	-	-	-	-
Adjustment on Acquisition,Disposal and Change in Holding of Subsidiary	-	86,737	2,921	89,658	(42,921)	46,737
Balance as at 31st March 2022	1,498,498	1,329,595	(3,027,608)	(199,517)	877,861	678,344
COMPANY
			Stated	Revaluation	Retained Earnings/
			Capital	Reserve	Accumulated Losses	Total
			Rs.'000	Rs.'000	Rs.'000	Rs.'000
Balance as at 01st April 2020			1,498,498	5,905	(320,293)	1,184,110
Prior Period adjustments			-	-	(986)	(986)
Profit / (Loss) for the period			-	-	(165,280)	(165,280)
Other Comprehensive Income for the year (Net of tax)			-	-	-	-
Balance as at 31st December 2020			1,498,498	5,905	(486,559)	1,017,844
Prior Period adjustments			-	-	4,558	4,558
Profit / (Loss) for the period			-	-	(36,355)	(36,355)
Other Comprehensive Income for the year (Net of tax)			-	-	-	-
Adjustment on Acquisition,Disposal and Change in Holding of Subsidiary			-	-	-	-
Revaluation Surpuls on Propery, Plant and Equipment			-	-	-	-
Balance as at 31st March 2021			1,498,498	5,905	(518,356)	986,047
Prior Period adjustments			-	-	(989)	(989)
Profit / (Loss) for the period			-	-	(800,458)	(800,458)
Other Comprehensive Income for the year (Net of tax)			-	-	-	-
Balance as at 31st March 2022			1,498,498	5,905	(1,319,803)	184,600

The above figures given are provisional and subject to audit.

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