LankaClear records 12 % revenue growth in FY 2014/15

The LankaPay national payment network operator, LankaClear (Private) Ltd, crossed the Rs.500 million mark to record a revenue of Rs.518 million FY2104/15, up 12 per cent compared to the previous year, a media release issued by the company stated. This was highlighted at the recently concluded AGM held last week at Kingsbury Hotel, Colombo.   This was recorded as the highest ever revenue figure recorded by the company, which was mainly driven by growth in electronic transactions across all LankaClear electronic payment products, despite stagnant growth in cheque clearing.   The company experienced pressure on the bottom line due to higher operational expenses from the LankaPay project and the new payment systems not reaching breakeven point, it was stated. However, the company recorded a decent PBT (pre-tax profit) of Rs.183 million and a PAT (post tax) of Rs. 129 million with a Net Profit Ratio of 25 per cent, the release said. LankaClear closed the year with a strong balance sheet with net assets reaching Rs.1.2 billion, a 9.4 per cent increase compared to the previous year. The financial year 2014/15 saw the rate of utilization of electronic payment systems increase much faster than paper based payment instruments. Total volume of cheques cleared through the CITS decreased by 0.53 per cent during the year 2014/2015 compared to the previous financial year whilst the number of electronic transactions cleared through the LankaPay SLIPS Electronic Fund Transfer (EFT) network increased by 16.3 per cent reaching 21 million transactions. The total value of transactions cleared through SLIPS also recorded an impressive growth of 28 per cent reaching Rs. 952 billion, the release added.