Finance Profits

Dec 03, 2007 (LBO) – Central Finance, one of the biggest Sri Lankan finance companies, said September quarter net profit rose seven percent to 283 million rupees from a year ago. Total income was up 24 percent to 1.6 billion rupees, according to interim results sent to the Colombo Stock Exchange.

Net interest income of the group, which is strong in the vehicle finance business, rose 12 percent to 483 million rupees.

The company has branched out into the real estate business with a condominium project through a wholly owned subsidiary, targeting the middle-income market.

Its loans and advances stood at 6.2 billion rupees as at end-September 2007 compared with 4.6 billion rupees a year ago.

Total assets had risen to 31 billion rupees from 26 billion rupees over the same period while total liabilities rose to 24 billion rupees from 21 billion rupees. .