Lanka Ventures Limited, the DFCC’s venture capital subsidiary, has posted a strong first quarter with investment income up 114% to Rs. 14.2 million and a net profit of Rs. 25.4, up 158% from the comparative period the previous year, during the three months ended June 30, 2003.

Provisional figures now with shareholders indicate that annualized earnings per share for the period under review were Rs. 2.03, up from Rs. 0.79 a year earlier.

The company said that investment income for the period included Rs. 5.6 million realised from the disposal of an investment security and also Rs. 5.2 million reversal of provision made for an investment sold off during the quarter at a price higher than its carrying value.

The company’s interest income for the period was down 21.8% to Rs. 9.1 million.

Lanka Ventures had an issued share capital of Rs. 500 million, a share premium of Rs. 131.6 million and retained profits of Rs. 122.2 million in its books as at June 30, 2003.

The company which had net assets of Rs. 15.08 per share as at June 30, up from Rs. 13.60 a year earlier has seen its share trading slightly under par at Rs. 9.50 - 9.75 ex-dividend in recent weeks. The share touched Rs. 10 last Wednesday.