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| Sunday, 27 July 2003 |
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Sinhaputhra Finance records increased profits Sinhaputhra Finance Limited recorded a 212 per cent increase in pre-tax profits for the year ended March 31, 2003, from Rs 7.6 million to Rs 23.7 million, while post-tax profits increased from Rs 5.2 million to Rs 19.2 million, a 266.47 per cent increase over the previous year. Income increased from Rs 309.7 million to Rs 353.9 million, a 14.28 per cent growth. Shareholder funds increased 13.1 per cent from Rs 119 million to Rs 134 million between the two years while deposits from customers increased from Rs 590 million to Rs 673.9 million, a 14.2 per cent growth. The total assets of the company increased from Rs 876.9 million to Rs 1.10 billion, a 25.37 per cent growth. Earnings Per Share also increased from Rs 2.14 to Rs 7.85 during the year under review. Chairman and Managing Director Kithsiri Wanigasekera, in the annual report for 2002/2003, said Sinhaputhra Finance has been restructured with a clear strategy for the future, which will revolve around procuring opportunities in a growing market in which there is promising potential which the company needs to leverage for the future, for maximising revenues and opportunities. The company's operations in the sphere of providing finance, leasing, business and personal finance and real estate finance services, for which the market remains attractive, will aim to maximise value for shareholders and will also work with all stakeholders to deliver quality of earnings, Wanigasekera said. Joint Managing Director Ravana Wijeyeratne, in his review, said some of the contributory factors for the enhanced performance were reorganisation of lending divisions to create healthy competition in credit disbursements and recoveries through setting divisional targets, designating each senior manager to oversee profit centres, credit risk committees' role in quality of credit and recoveries, management committees' role in aligning with exceeding budgeted levels, audit committees' role in taking corrective and precautionary measures, role of IT in disseminating timely management information to all levels, harsh cost-cutting strategies, recovery of bad debts and higher than expected earnings from Treasury Bills. He said the company is geared to meet the stiff competition in the next year though the industry has been burdened with fiscal policy debacles. |
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