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| Sunday, 27 March 2005 |
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Business |
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News Business Features
Editorial
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Turnaround in L.B. Finance profits L.B. Finance has recorded a profit of Rs.40 million in 2004 compared to Rs. 3.2 million in 2003. Accumulated losses gave way to clear profits for the first time in the company's history spanning over three decades. The remarkable turnaround is attributed to Dhammika Perera who bought L.B. Finance, last year. Perera revamped the company by recruiting a team of financial and management experts. Sumith Adhihetty, Managing Director of the company said the bottom-line speaks very eloquently of the company's turnaround in such a short time. The company emerged as a top-runner due to a series of bold operational changes introduced by the new think tank who were determined with their ambitious and far-reaching action plan. Interest income for the year increased to Rs. 508 million while the company's new management successfully reduced the interest expenditure to Rs. 298 million resulting in a net income of Rs. 209 million. The company's deposit base stood at Rs. 2.474 billion as of end 2004. Earnings per share ratio showed improvement rising to 2.97 from a 0.24. "The performance for the year just concluded will serve as a launching pad to reach greater heights this year", Adhihetty said. The average trading value rose by an impressive Rs. 43 at the end of 2004
from the opening price at the beginning of the year. The stock continues to
trade heavily at the bourse. |
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Editorial | Security | Produced by Lake House |
