Leasing Trend

Jan 18, 2012 (LBO) – People’s Leasing Co., Sri Lanka’s largest leasing company, said net profit in the December 2011 quarter rose 46 percent to 832 million rupees from a year ago. December 2011 quarter revenue rose 65 percent to 4.2 billion rupees from a year ago while earnings per share rose 53 percent to 61 cents, a stock exchange filing said.

Interest income rose 53 percent to 3.6 billion rupees while interest expenses doubled to 1.9 billion rupees resulting in net interest income rising 21 percent to 1.7 billion rupees.

People’s Leasing Co had paid an interim dividend of 50 cents per ordinary share for the year 2011/12 on December 28, 2011 amounting to a total of 780 million rupees.

PLC, whose shares begin trading on the Main Board of the Colombo Stock Exchange in November 2011, is a specialized leasing company established in 1995.

Analysts said that out of 390 million stock offered in the firm’s IPO last year, 140 million or 36 percent has gone back to the state.

PLC was a unit of Sri Lanka’s state-run People’s Bank which now has a 71.50 percent stake in People’s Leasing Company, with the next biggest shareholders being state-owned National Savings B