Entrust Securities earnings up 1,239%, to Rs. 81.9 mln
View(s):Entrust Securities announced that it has recorded a sharp 1,239 per cent earnings increase for its first quarter ended 30th June 2014, to Rs. 81.9 million. This is in comparison with Rs. 6.1 million earned during the corresponding period of the previous year, and based on recently issued unaudited accounts for the first quarter of Financial Year (FY) 2014/15.
It also added that “total asset base has increased by 19.8 per cent compared to 31st March 2014 and as at 30th June 2014 it reached Rs. 14.9 billion. The Shareholders’ Fund recorded an improvement of 7.9 per cent during the quarter under review reaching Rs. 1.09 billion when compared with Rs. 1.01 billion as at 31st March 2014″.
Further, the company also noted that it was the “only listed non-banking Primary Dealer licensed by the Central Bank of Sri Lanka. During the past 14 years the company has gained recognition as a leading Primary Dealer and has grown significantly in terms of the bottom line, business volume and enhanced its corporate image through many sustainable, on-going award winning CSR projects. During the period under review the Entrust group of companies undertook a restructuring process on 27th May 2014 and accordingly Entrust Securities PLC moved from the umbrella of Entrust Limited to Entrust Holdings Limited and the shareholding percentage continued to remain as 86.82 per cent”.
Meanwhile, according to an additional announcement, it was revealed that “based on the ongoing financial sector consolidation programme and to comply with the directions issued by the Monetary Board, Entrust group was required to infuse additional capital amounting to Rs. 2.5 billion to (The Standard Credit Finance Limited) and this process was successfully concluded. The 3,500 odd clientele of The Standard Credit Finance Limited can be content that, with this additional infusion of capital, the company will have a positive NAV of Rs 2.2 billion. With Entrust group’s proposed structured financing plans, (The Standard Credit Finance Limited’s) total assets will reach Rs. 7 billion”. (JH)