Sept 17, 2008 (LBO) – Sri Lanka’s People’s Leasing Company (PLC) said net profit rose seven percent to 803 million rupees in the year ending March 31, 2008 and that it was diversifying its business to include ship finance.
The firm, a fully owned subsidiary of state-run People’s Bank, said it is expanding hire purchase business which makes higher profits than leasing, and increasing the number of branches.
Total income rose 19 percent to 4.6 billion rupees although annual disbursements fell 15 percent to 11.8 billion rupees.
“This performance came despite a volatile and depressed market situation during the first half of the year which was reflected in the performance of the entire leasing industry,” PLC chairman W Karunajeewa said in the firm’s annual report.
“Despite continuing to face the challenge of a dearth of long-term funds on fixed terms, the company was successful in raising over three billion rupees through a majority of the country’s large banks and financial institutions.”
PLC claims a share of over 20 percent in a leasing market that Karunajeewa said was getting saturate