However, total earnings for the quarter registered a growth of +18%, as earnings was augmented by one off gain witnessed in Browns Investments (BIL) and LOLC mounting the food, beverage and tobacco and diversified financial sector earnings.
The one off gain made in food, beverage and tobacco, diversified financials and insurance sectors outweighed the overall subdued performance witnessed in the economy. Food, beverage and tobacco sector earnings registered a noteworthy growth of +121%YoY to Rs 21.9 bn primarily owing to BIL. Bargain purchase owing to negative goodwill led to Rs 13.5 bn gain in BIL bolstering earnings to Rs 13 bn (+2283%YoY) as opposed to Rs 596. mn loss in comparative previous year. Diversified Financial sector earnings registered a +35%YoY growth to Rs 12.8 bn supported by LOLC. LOLC recorded a gain of Rs 5.2 bn resultant from acquisition and divestment of group’s investments pushing the earnings to register a +190%YoY growth to Rs 7.5 bn as opposed to Rs 2.6 bn in comparative same period.