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Sri Lanka The Finance breaks even
05 Nov, 2011 17:11:10
Nov 04, 2011 (LBO) - Sri Lanka's The Finance Company Ltd said it broke even in the September 2011 quarter, recovering from a steep loss a year earlier, helped by provision reversals and lower interest expenses.
The firm reported profits of 6.9 million rupees for the September quarter, recovering from a loss of 737 million rupees a year earlier. It said earnings were 4 cents for the quarter. For the six months to September it reported profits of 33 million rupees or 21 cents a share.

The Finance is a troubled finance firm which was re-structured under regulatory guidance.

Interest income rose just 1.1 percent to 532 million rupees but interest expense fell by a steep 20.4 percent to 602 million rupees. Net interest expenses fell to 70 million rupees from 231 million rupees a year earlier.

Total operating expenses were also down to 300 million rupees from 579 million rupees a year earlier.

There was reversal of loss of provision of 89 million rupees.

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READER COMMENT(S)
1. Investor Nov 05
TFC Director Dr. T.Senthilverl seems to have sold TFC shares to new Directors Raynor Silva and Dinal Wijemanne during 2Q12, but no disclosure has been made of sale to the CSE.