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| Sunday, 16 October 2005 |
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LOLC targets billion rupee profit before third decade LOLC chairperson Rohini Nanayakkara said "Having fathered leasing to the country, we have not rested on our laurels. Through the years, Lanka Orix Leasing Company Ltd, (LOLC) a pioneer in leasing in Sri Lanka has scored many firsts and still maintains a standing of an innovative and dynamic provider of financial services to the country. This has been proved not merely from a customer perspective but also from a performance perspective, surpassing half a billion in group profits over the last year, recording thrice the growth in profits over the last five years". Addressing a media conference to mark LOLC's Silver jubilee at the Colombo Hilton she said twenty- five years has changed the course of a nation's economy. The company has expanded its financial instruments and services to include debt factoring, insurance, finance, share broking and IT services. She said LOLC, a giant in the financial firmament which enjoys a 14 per cent market share is associated with ORIX Corporation, Japan, the largest independent leasing company in the world and the second-largest financial services provider in Japan. Orix today boasts of a worldwide network that not only covers Asia but also the Americas, Europe and the Pacific Rim. With a profit driven growth strategy and fourteen branches at present, she hopes to make LOLC a billion rupee profit company before the third decade. She said the company's sound financial planning and foresight of a diversified credit portfolio softened the impact to the company from the tsunami last year. Deputy Chairman, Chief Executive officer Ishara Nanayakkara said LOLC proved to be a catalyst that revolutionised Sri Lanka's economy. "We have made steady strides through the years and recently earned the honour of being ranked among the Top 10 Brands in a study on Brand Power conducted by Brand Finance, the world's leading independent brand evaluation company, together with Sri Lanka based Sting Consultants and LMD Magazine. From a financial perspective, last year LOLC reached a Return on Capital Employed (ROCE) of 24%. Our superior performance on ROCE, coupled with a market capitalization of Rs. 4 billion, recorded a 43% growth in shareholders' wealth. The company's stability and strength is further demonstrated by the lower gearing ratio maintained at 2.5 and the significant growth in net assets to Rs. 2.3 billion", he said. Other CSR activities of the company include knowledge empowerment through its Viyapara Shilpa program, contribution to dengue eradication and IT education in schools. |
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