Four firms transferred to Default Board over non-submission of financials

Four listed entities were transferred to the Default Board of the Colombo Stock Exchange yesterday for their inability to submit financial statements within the required timeframe.
Anilana Hotels and Properties PLC, Tess Agro PLC, Swadeshi Industrial Works PLC and East West Properties PLC had not submitted their interim financial statements for their fourth quarters of 2017 ended March 31, 2017. All four entities had made net losses in the first 9 months of the 2017 financial year.

Swadeshi Industrial Works had posted net profits for the 2015 financial year. Tess Agro and East West Properties had last posted annual net profits in 2012 and 2011 respectively while Anilana Hotels and Properties had not made profits since it went public in 2013.