Capital Development and Investment Company Limited (CDIC), the NDB subsidiary, has boosted its 9-month profits during the current financial year on account of profit share of its associates, provisional unaudited results now with shareholders revealed.

Although the company’s operating profit declined to Rs. 51.7 million during the period under review from Rs. 63.7 million a year earlier and its interest cost more more than doubled to Rs. 2.8 million, a substantial contribution to the bottom line was made by associate companies whose profit share attributable to CDIC at Rs. 17.2 million was up from Rs. 0.1 million a year earlier.

The company which is not liable to taxation had an after-tax profit of Rs. 66.1 million for the 9 months under review, up from Rs. 62.9 million a year earlier.

CDIC which has an issued capital of Rs. 245 million and general reserves of Rs. 269.7 million had retained profits of Rs. 78.4 million as at September 30, 2000.

Its long term liabilities had been stated at Rs. 11 million and deferred liabilities at Rs. 0.2 million in the balance sheet as at September 30, 2000.

The company’s investment portfolio included shares in associates worth Rs. 381.1 million, quoted shares of Rs. 46.9 million, unquoted shares of Rs. 131.3 million and loans of Rs. 43.5 million. A provision of Rs. 89.9 million had been made for non performing investments/loans.

CDIC had an annualised earnings per share of Rs. 3.60 for the period under review, up from Rs. 3.42 a year earlier and net assets per share of Rs. 24.21, down from Rs. 24.69 a year earlier.

The company’s shares which closed at Rs. 28 on September 30 traded at a high of Rs. 30 and a low of Rs. 28 during the quarter under review.