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Sri Lanka’s LOLC March net up 46-pct amid growing incomes

June 03, 2016 (LBO) – Sri Lanka’s LOLC group, which has interests in financial services, insurance, plantations, trading and leisure, said net profit for the March quarter rose 46 percent to 2.3 billion rupees. The group reported earnings per share of 4.83 rupees for the quarter up from 3.31 from a year earlier and the stock closed at 86.00 rupees at CSE on Thursday. The group reported interest income of 11 billion rupees for the quarter, up 43 percent, and interest expenses rose at a faster 79 percent to 6.1 billion rupees, resulting in net interest income growing at a slower 15 percent to 4.9 billion rupees. Interest income represents the income receivable for the period on all contracts, rentals on operating leases, income on factoring of client debtors, earned premium on insurance contracts and IT service fees. Revenues up 89 percent to 5.6 billion rupees and cost of sales rose at a slower 54 percent to 2.8 billion rupees making gross profits to rise at a faster 145 percent to 2.8 billion rupees. Revenue includes revenue from trading, manufacturing, plantation and other activities of the group. Net impairment charges fell 53 percent to 801 million rupees while personnel costs rose 133 percent to 3.9 billion rupees. Direct expenses excluding finance costs fell 17 percent to 1.0 billion rupees while other operating expenses fell 35 percent to 1.6 billion rupees. In the twelve months to March, the group reported earnings of 17.93 rupees per share on total profits of 9.3 billion rupees. In the segmental analysis, financial services sector profits rose to 9.6 billion rupees in the year, up from 7.
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0 billion rupees in the previous year. Manufacturing and trading sector profits rose to 1.1 billion rupees from 577 million rupees last year. Plantation and hydro power sector has recorded a loss of 669 million rupees while leisure and entertainment segment posted a loss of 617 million rupees. As at the end of March 2016, financial assets were fair valued at 276 billion rupees and financial liabilities were fair valued at 278 billion rupees. The public shareholding at the end of March was 15.50 percent comprising of 3,100 shareholders.
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