ETI expands product portfolio, core business

by L. S. A. Wedaarachchi

Edirisinghe Trust Investment (ETI) Ltd, plans for a re-launch in June this year. ETI has recorded its highest ever pretax profit of Rs. 47.2 million for 2006, a 41 per cent growth over the previous year. The total income recorded was Rs. 535 million, an improvement of 52 per cent compared with 2005.

N. G. Mahendra de Silva, CEO of ETI said that the expansion of the ETI product portfolio and the ETI core business of pawning contributed to the remarkable progress of the company.

The Rs. 2.6 billion growth in deposits inspite of severe competition can be attributed to the increasing trust the investing public has in ETI.

The loan stock has increased to Rs. 1.1 billion and other major stocks namely leasing and hire purchases, property development to Rs. 1 billion, CEO said.

ETI has increased its total assets base to Rs. 4.1 billion last year compared to Rs. 2 billion in 2005.

At present ETI operates 24 pawning centres islandwide. Two pawning centres in Horana and Ratnapura which are fully computerised, are scheduled to be opened next month.

The services provided by ETI are wide and varied. It comprises investments, land and property development, ETI homes, leasing, Gold and pawning.

ETI commenced work on the "Golden Arc" luxury condominium apartment project in Nugegoda recently. This apartment complex has double parking for each unit, roof top swimming pool and kiddies pool, Gymnasium, CCTV system, 24-hour security, lift for ten passengers and stand by Generator.

ETI successfully completed eight housing projects including the Regency Royale in Kiribathgoda, Penumbra in Pelawatta, Mahogany Park in Piliyandala and Respiro in Ratmalana. These are luxury and semi-luxury housing projects.

The 'Golden Arc' is the maiden effort of the condominium apartment projects of ETI. According to the CEO, the import of motor vehicles from Japan will be added to the ETI portfolio in the near future.

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