Margin Gains

Feb 10, 2011 (LBO) – Sri Lanka’s Central Finance, a regulated finance firm said net profits for the December 2011 quarter rose 72 percent to 472 million rupees as margins widened amid falling rates. For the nine months to December Central Finance reported profits of 1.19 billion rupees, up 69 percent giving earnings per share of 58.99 rupees.

Group revenues rose 9.7 percent to 1.56 billion rupees but interest expenses fell at an absolute 26 percent to 571 million rupees allowing net interest income to shoot up 50.4 percent to 1,005 million rupees.

Central Finance had provided 20 million for loan losses. Its income tax bill rose 156 percent to 397 million rupees.

The company reported earnings of 23.26 rupees for the quarter.