Corporate earnings have reported consecutive YoY degrowth, in this June quarter with macroeconomic challenges pushing earnings to a 3-year low while the banking sector demonstrated remarkable growth. June 2023 quarter earnings experienced a substantial decline for the third consecutive quarter, dropping by 69.4% YoY to a 3-year low of Rs.51.6 billion for 279 listed companies on the Colombo Stock Exchange, according to First Capital Research.<\/p>\n\n\n\n
This decline was primarily attributed to the following factors:<\/strong><\/p>\n\n\n\n -Food, Beverage & Tobacco Sector (-65.4%YoY): Slow recovery in the manufacturing segment and lower disposable income, impacting consumer spending.<\/em><\/p>\n\n\n\n -Capital Goods Sector (-108.8%YoY): Driven by high finance and interest expenses, which affected overall -Transportation Sector (-128.3%YoY): Witnessed a substantial decline in earnings, primarily caused by a steep drop in freight rates below pre-pandemic levels. <\/em> <\/p>\n\n\n\n These sector-specific issues collectively contributed to the overall quarterly earnings decline.<\/p>\n\n\n\n Conversely, there were notable positive contributors during the quarter. The banking sector demonstrated a remarkable growth of 420.4% YoY, followed by the Telecommunications sector which exhibited a substantial increase of 109.3% YoY and the the diversified Financials sector displayed a commendable growth rate of 36.6% YoY<\/p>\n","protected":false},"excerpt":{"rendered":" Corporate earnings have reported consecutive YoY degrowth, in this June quarter with macroeconomic challenges pushing…<\/p>\n","protected":false},"author":1,"featured_media":3224,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[2,12,5],"tags":[377,211,16,14],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/posts\/3223"}],"collection":[{"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/comments?post=3223"}],"version-history":[{"count":0,"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/posts\/3223\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/media\/3224"}],"wp:attachment":[{"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/media?parent=3223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/categories?post=3223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/tags?post=3223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
profitability.<\/em><\/p>\n\n\n\n