The Case Study - Seylan Bank

224Seylan Bank PLC Annual Report 2009Notes to the Consolidated Financial Statements47. Comparative Information in the Consolidated Financial Statements havebeen restated as follows:Income Statement for the Year Ended 31st December 2008Net Profit/(Loss)After TaxRs. ’000As per the Financial Statements Published in 2008 (93,174)As per the Financial Statements Restated in 2009 (799,803)Change - Profit/(Loss) (706,629)Balance Sheet as at 31st December 2008Assets Liabilities EquityRs. '000 Rs. '000 Rs. '000As per the Financial Statements Published in 2008 164,210,437 154,530,749 9,679,688As per the Financial Statements Restated in 2009 163,308,489 154,611,411 8,697,078Change (901,948) 80,662 (982,610)Net profit before tax has been restated due to adjustment carried out subsequent to the consolidation in2008 based on unaudited Financial Statements, in the following subsidiary companies:∙ Seylan Merchant Bank PLC - Audited Accounts signed on 05th November 2009.∙ Seylan Developments PLC - Audited Accounts signed on 29th June 2009 (comparative figures wererestated in 2009 Audited Financial Statement dated 08th February 2010).47.a Income Statement for the year ended 31st December 2008Seylan Merchant Bank PLCSeylan Developments PLC2008Restated2008Published Change2008Restated2008Published ChangeRs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000Income 1,180,717 920,433 260,284 292,235 280,883 11,352Net Interest Income 96,315 44,171 52,145 (93,175) (92,599) (576)Other Income 321,358 164,537 156,821 278,382 267,029 11,353Operating Income 417,673 208,708 208,965 185,207 174,430 10,777Less: Operating Expenses 1,072,806 362,377 710,429 570,612 515,023 55,589Profit/(Loss) before Taxation (655,133) (153,669) (501,464) (385,405) (340,593) (44,812)Less: Income Tax Expense 41,947 (922) 42,869 7,062 7,062 –Profit/(Loss) after Taxation (697,080) (152,747) (544,333) (392,467) (347,655) (44,812)