Seylan Merchant Leasing PLC reported a 369% net loss in the quarter ended 31st March 2009 of Rs.17.6 million compared to a net profit of Rs.6.5 million for the corresponding period in 2008.
ccording to the company’s interim report, gross income increased by 10.14% for the period under review to Rs.123 million while interest income increased by 12.46% to Rs.113 million. However, interest expenses climbed to Rs.76 million in the first quarter of 2009 from Rs.66 million for the same period last year.
The interim report shows that operating expenses increased by 28% to Rs.47 million from Rs.37million in 2008. Loan provisions increased to Rs.16.9 million in the first quarter of 2009 from Rs.1.2 million the previous year. Deposits were also down to Rs.1.37 billion as at 31 March 2009 from Rs.1.58 billion as at 31 December 2008. The total shareholder funds as at 31 March 2009 stood at Rs.347 million, down from Rs.365 million as at 31 December 2009 which also decreased from Rs.381 million as at March 31, 2008. |
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