Financial Times

Sinhaputhra Finance profits up

Sinhaputhra Finance has recorded an encouraging performance during 2002/2003 while continuing with the transformation of the business and progressing with its longer-term business development. The company recorded a pre-tax profit of Rs. 23.7 million for the year, up from Rs. 7.6 million in 2001/2002. After-tax profits rose to Rs. 19.3 million against Rs. 5.3 million. "This resilient profit performance which is commendable was possible owing to the increased scale of business operations done during the year and well planned strategies implemented by the management and staff under the leadership of the board, the company said. It said it was a year of achievement amidst extremely competitive business conditions. "Taking our own business, we have had to deal with intense competition from commercial banks, merchant banks, development banks, leasing, finance companies and from un-regulated non-bank financial institutions," the statement said. Discussing the future, the company said it has completely restructured the organisation and has a clear strategy for the future that focuses on what it does - delivering finance leasing, business finance, personal finance and real estate services. The total contribution to interest income was Rs. 165 million.