Lease Business

Jan 30, 2012 (LBO) – Sri Lanka’s Citizens Development Business Finance Plc, a registered leasing firm, said profits fell 25 percent in the December 2011 quarter to 157 million rupees from a year earlier, mainly due to lower non-fund based income. Net assets rose from 1.0 billion rupees to 2.06 billion rupees from March to December 2011.

The firm reported earnings of 3.02 rupees for the quarter. In the nine months to December profits rose 28 percent to 398 million US dollars from a year earlier giving earnings of 8.62 rupees per share.

The stock traded at prices between 60.0 and 64.50 rupees Monday.

CDB group interest income rose 20 52 percent to 673 million rupees in the December quarter from a year earlier and interest expenses also rose 51 percent to 339 million rupees, but the firm new net interest income by a faster 54 percent to 334 million rupees.

Unspecified other income fell 65 percent to 57.7 million rupees.

The firm reversed 36.8 million in loan loss provisions.

Group gross assets rose from 10.2 billion rupees to 14.8 billion rupees.