Orient Finance (BFN) reports a loss of Rs21mn for the quarter, deposits at Rs11.6bn

August 16, 2018 (LBO) – Colombo Stock Exchange listed Orient Finance (BFN) reported a loss of Rs21mn for the quarter ended June 2018.  This was against a profit of Rs6mn in the prior year quarter.

Revenues were down 6% year over year, while impairment charges were up 36% to Rs140mn.  These declining metrics pushed the company into the red.

The balance sheet was down slightly in the 3-month period. Deposits were also down 2% to Rs11.6bn.

The CBSL registered finance company has total equity of Rs2.3bn.

Orient Finance is 90% owned by Janashakthi PLC.