Adam Investments to consolidate Adam Capital results

Tuesday, 1 December 2015 00:26 - - {{hitsCtrl.values.hits}}

Adam Investments Plc said yesterday that it will be consolidating financials of Adam Capital Plc from the current quarter onwards.

Adam Capital Plc has been a subsidiary of Adam Investments but the former wasn’t consolidated due to non-availability of financial of the former.

The upcoming consolidation follows Adam Capital whose Chairman is Ajita Pasqual, releasing its 2014/15 Annual Report and interim financials up to 30 September 2015.

Adam Capital has also been transferred from the Default Board with effect from 1 December 2015.

The delay was due to the non-availability of financial information pertaining to the period when the company was under the previous management.

In the first six months ended 30 September, 2015, Adam Capital’s pre-tax loss was Rs. 26 million, substantially down from Rs. 321 million. The Company has revalued property, plant and equipment leading to a reporting of Rs. 223 million surplus.

At Company level Adam Capital has reported a Rs. 0.7 million profit in the first six months as against a loss of Rs. 68 million a year earlier.

Adam Investments and related parties own nearly 60% stake in Adam Capital.