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Seylan Merchant Leasing Limited (SMLL), the leasing services specialist of the Ceylinco Group, has reported strong results for the financial year ended December 31, 2005, on the back of exceptional growth in net income.

In results released to the Colombo Stock Exchange (CSE) recently, the company reported a 151.8 per cent growth in net income to Rs. 181.50 million in 2005 from Rs. 72.07 million reported in 2004.

This growth was achieved chiefly by a 167.67 per cent increase in interest income from Rs. 62.83 million to Rs. 168.18 in the year under review. Net interest income was also up from Rs. 39.11 million as at December 31, 2004 to Rs. 81.13 million in 2005, a growth of Rs 42.01 million or 107.43 per cent.

Other income was up Rs. 4.06 million to Rs. 13.31 million as at December 31, 2005, an increase of 43.99 per cent.

Overall profitability of the company also increased with pre tax profits growing to Rs. 30.37 million from Rs 22.31 million last year. This reflected a growth of Rs 8.05 million or 36.09 per cent.

Post tax profits also increased significantly to Rs. 30.35 million from Rs. 22.10 million in 2004, a growth of 37.31 per cent.

Lease rentals receivable recorded an impressive growth of 208.18 per cent to Rs 1.26 billion as at December 31, 2005 from Rs. 409.95 million reported as at December 31, 2004.

The Deputy Chairman of Seylan Merchant Leasing Limited Rohan Senanayake said: "We believe our expanded presence in the market through the expansion of our branch network has paid rich dividends by delivering strong results in 2005."

With the increase of the company's branch network, total assets of the company recorded a healthy growth of Rs. 920.56 million or 201.36 per cent, reaching Rs. 1.37 billion during the year under review from Rs. 457.17 million reported last year.

Other assets of the company also rose significantly from Rs. 18.03 million in 2004 to Rs. 72.67 million in 2005, a growth of 302.99 per cent. The company's total investments improved from Rs 4.76 million in 2004 to Rs. 8.08 million in 2005, a growth of 69.82 per cent. The reserves of the company increased from Rs 42.88 million as at December 31, 2004 to Rs. 73.24 million in 2005, a growth of Rs. 30.35 million or 70.77 per cent.

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