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Sri Lanka Equity Forum » Stock Market Talk » Avoid investing in Abans Group company shares

Avoid investing in Abans Group company shares

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1 Avoid investing in Abans Group company shares on Thu Nov 16, 2017 7:09 am

Wimal Modawansa

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Manager - Equity Analytics
Manager - Equity Analytics
ABANS GROUP SELLS FINANCE COMPANY TO LAUNDRY OPERATOR , LOSSES CONTROL  & CAPITAL INFUSION FAILS TO SAVE ABANS FINANCE -

Abans Finance PLC profit declines to  55Mn From 78 Mn , after being downgraded to associate status -

Worse ever performance by a Company with Equity base of Rs 1.1 Bn.

-Non performing assets increased from 534 Mn to 805 Mn.

-Interest margin declined from 13.5 % to 11.2 %.
-Return on average assets declined from 3.4 % to 2.0%. 
-Return on average Equity declined from 20.5 % to 8.0%.


CENTRAL BANK FINDS MAJOR MANIPULATIONS AND NON COMPLIANCE WITH DIRECTIVES TO REPORT FALSE PROFITS/


COO requested to quit after Non performing assets increased from 534 Mn to 805 Mn.

fortuneteller

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Senior Equity Analytic
Senior Equity Analytic
The first quarter profit drop was even worse from Rs 35 Mn to Rs 9 Mn. The Company is reported to be run by Harward graduates but, the performance does not reflect this.

 The officer responsible for increase in non performing advances , COO has pleaded with the Directors to give him a chance to continue on sympathetic grounds.

Abans Finance was bought by an independent director of Abans group at deeply discounted price cheating the minority share holders.

Abans group incurred a loss of Rs 35 Mn during the last quarter.

Abans group six months profit dropped from Rs 337 Mn to Rs 52 Mn which is a drop of 84%.

BE CAUTIOUS1

Teller

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Moderator
True..

4 Teller = TellerX on Fri Dec 08, 2017 10:45 am

Teller

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Moderator
Due to techical issue
Teller= TellerX ...in near future

Wimal Modawansa

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Manager - Equity Analytics
Manager - Equity Analytics
Debt - Ridden ........ face closure?
(Source - Sunday Times)

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