Mar 10, 2008 (LBO) – Sri Lanka’s Central Finance Company group’s December quarter profit went up ten percent to 336.2 million rupees but interest expenses rose 40 percent, interim results showed. . The group’s 2007 December quarter revenue was up 17.4 percent to 1.66 billion from 1.41 billion rupees one year back.
Central Finance’s stand alone profits were 1.6 percent lower at 257.8 million rupees.
Group interest income rose 23.7 percent 1.20 billion rupees but interest expense rose 40 percent to 695.1 million rupees, with net interest income rising seven percent to 507.6 million rupees.
Group bad debt provisions for the quarter rose only marginally to 34.5 million, from 31.9 million rupees one year back.
Central Finance group’s other income for the period was 28 percent lower at 44.6 million rupees.
For the 9-month period ending December consolidated profits were up 6.7 percent 901.9 million rupees, with loan loss provisions rising 15.5 percent to 128.6 million rupees.
Group assets rose to 31.5 billion rupees from 27.5 billion.
The Kandy based finance company was incorporated in 1957, and now has 30 offices around the island.