Ceylinco Securities and Financial Services PLC posts impressive profit growth

Ceylinco Securities and Financial Services PLC has posted satisfactory performance for the twelve months ended March 31, 2007, with strong growth in business volumes and healthy improvements in key financial indicators, despite the turbulent external environment.

The turnover of the company for the year under review reached Rs. 1,098 million as against Rs. 921 million in 2006, an increase of 19%. In un-audited results released, the Company reported a pre tax profit of Rs. 68.48 million, an increase of Rs. 6.05 million which was 10% over last year.

Total assets of the Company also reached a milestone passing the Rs. 4 billion mark to Rs. 4.04 billion, a growth of Rs. 807 million over Rs. 3.24 billion reported a year earlier.

This impressive growth in profit was facilitated mainly by the strong growth recorded in business volumes of the Company.

Ceylinco Securities and Financial Services Group which consists of 13 subsidiaries recorded a post tax profit of Rs. 132 million.

The Ceylinco Securities and Financial Services PLC is a registered leasing company under the supervision of the Central Bank of Sri Lanka and operates a network of 11 branches. It has successfully penetrated into the rural sector by setting up branches islandwide.

Its principal lines of business include Finance Leasing, Hire Purchase, Real Estate, Loans, Property Development, Investment, Treasury Activities, Corporate Finance, Capital Market Activities and Secretarial Services.

The company has maintained a record of steady growth in the past and is currently undergoing a restructuring process to move on to its next phase of growth.

Meanwhile, the company has made an application to the Central Bank of Sri Lanka to obtain a licence to operate as a Finance Company and will be merged with Asian Finance Ltd., which will create one of the largest institutions in the country's financial sector.