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Prime Finance (GSF) swings to profit, increases capital via rights issue, deposits top Rs2.6bn

August 6, 2018 (LBO) - Colombo Stock Exchange listed Prime Finance PLC (GSF) reported a profit of Rs29mn for the quarter ended June 2018.

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This was against a loss in the year ago June quarter.

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Deposits at the CBSL registered finance company were up more than 10% over the March 2018 quarter to stand at Rs2.66bn. Revenues were up a massive 156% year over year as the company positions itself for a growth phase. Top support this growth, and to comply with minimum capital regulations of the Central Bank of Sri Lanka, Prime Finance has just completed a significant rights issue. Through the rights issue Rs864mn was infused into the company. Prime Finance (GSF) is 90% owned by Prime Lands Pvt Ltd, one of the largest land developers in Sri Lanka.