Nimal buys 2% stake of Royal Ceramics

Wednesday, 23 April 2014 00:00 -     - {{hitsCtrl.values.hits}}

High net worth investor and Managing Director Nimal Perera this week picked up a 2% stake of Royal Ceramics Plc (RCL) for over Rs. 200 million, propelling the share price. The bulk of the buying had been on Monday including a block of two million shares at Rs. 95 each, seller of which was RCL Chairman and longstanding shareholder A.M. Weerasinghe. Overall 2.6 million RCL shares changed hands, hitting a high of Rs. 97 before closing at Rs. 95.20, up by Rs. 6.40. Nimal had also picked up available quantities yesterday as the RCL share price gained to a high of Rs. 97 before closing at Rs. 95.70, up 50 cents. Last week RCL gained by Rs. 6.10 to close at Rs. 88.80 though only 0.67 million shares traded. RCL’s net asset per share is around Rs. 60. Weerasinghe as at end 2013 held 7.14 million shares or 6.45%. RCL’s bottom line in the first nine months of FY14 was down by 68% to Rs. 333 million whilst after tax profit was down by 31% to Rs. 816.8 million. The Group’s post-tax profit in the third quarter saw a rebound, improving to Rs. 576 million from Rs. 496 million in the corresponding quarter of the last financial year.