June 17, 2014 (LBO) – Sri Lanka’s car, sports utility vehicles and motor bike registrations were up in May 2014 from a year earlier, but commercial vehicle were sharply down amid lease defaults.
An analysis of Sri Lanka’s vehicle registry data by JB Securities, an equities brokerage showed that total new registrations fell 3.
3 percent to 26,460 units in May 2014 from a year earlier driven down by commercial vehicles.
Registrations of three wheelers, mainly used as taxis, were down 15.8 percent from a year to 5,724 units in May. JB Securities said finance companies were tightening credit as non performing loans (NPLs) and repossessions picked up.
Mini truck were down 20 percent to 999 units, light trucks were down 20 percent 295 units and medium trucks were down 13 percent to 153 units.
Large trucks were down 41 percent to 70 units.
“The accentuated NPLs faced by finance companies in heavy truck leases is dampening demand since there are a number of repossessed vehicles coming into the market,” JB Securities said in a research note.
“Some leasing firms are choosing to reschedule/restructure lease rentals since the loss on liquidation is very high.
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