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SRI LANKAN BANK SAMPATH'S QTRLY NET SOARS 130% POST RESTATEMENT.(Financial report)
COLOMBO, Sept 1 Asia Pulse - Sri Lanka's Sampath Bank said its June quarter net profit shot up 130 per cent to 374 million rupees (US$3.52 million) from a year ago after it restated the previous year's earnings to take into account increased income tax.
According to the bank's interim results just released, the June 2007 quarter net profit has been restated sharply down to 162 million rupees from the original 330 million rupees.
The restatement was mainly because of an increase in the June 2007 quarter's income taxes to 391 million rupees, according to the latest statement, from 224 million rupees in last year's accounts.
Sampath's net profit for the first half ending June 30, 2008 was up 18 per cent to 700 million rupees from a year ago, with the net profit for the same 2007 period also restated down to 592 million rupees from 759 million rupees.
The bank said in a note to the latest accounts that the tax on profit on ordinary activities published in the first half results of 2007 of the bank and group has now been restated as 809 million rupees and 815 million rupees.
"This was due to reversal of deferred tax asset ...
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Source: HighBeam Research, SRI LANKAN BANK SAMPATH'S QTRLY NET SOARS 130% POST...