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| Sunday, 10 February 2002 |
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Business |  |
| News Business Features Editorial
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Rs. 70m profit for Commercial Credit Commercial Credit Ltd. has recorded a turnover of Rs. 70 million for the year 2000/2001 as against Rs. 52 million in the previous year. Profit before taxation was Rs. 5 million for the period under review, Chairman and Managing Director of the company Vagdevi Fernando said in the company's annual report for 2001. "This performance is commendable considering the heavily burdened economic framework in which the company had to operate, " she said. A sum of Rs. 814,909 has been transferred to the Statutory Reserve Fund while Rs. 1,800,000 has been transferred to the General Reserve Fund. The fixed assets of the company have increased to Rs. 48 million. The total capital of the company now stands at Rs. 29 million with a revaluation reserve of Rs. 5.2 million. Commercial Credit had been able to launch only two real estate projects during the year under review. One of these projects has been successfully completed while the other is yet to be completed. The company has earned a Rs. 10 million profit. The directors have declared a 15 per cent dividend for all shareholders and a four months gross salary bonus for all employees.The fixed deposit base has increased to Rs. 197 million while the fixed saver's deposit customer base stands at 30,000. "We continue to value our staff as the most important human resource. Importance is placed on in-house training programmes, professional competence, flexibility, self motivation and team spirit," she said. The company constructed a new branch building in Anuradhapura and moved into it in early 2001. However, it had been serving customers in Anuradhapura since 1995. The company's first collection centre was opened in Kurunegala in January 2001 to give a more personalised service to people in Kurunegala and suburbs. Commercial Credit at present is working on a web-enabled system. The company is fully computerised at the moment and linked with its two branches in Hingurakgoda and Anuradhapura. |
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