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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's The Finance loses Rs212mn in March quarter

Sri Lanka's The Finance loses Rs212mn in March quarter

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
June 01, 2012 (LBO) - Sri Lanka's The Finance Company Plc, which is under regulatory restructure lost 212 million rupees in the March 2012 quarter, sharply lower than the 2.0 billion it lost a year earlier.

The firm reported losses of 1.33 rupees per share for the quarter. In the full year to March 2012 the firm lost 1.23 rupees per share on total losses of 196 million rupees.

Interest income for the March quarter was flat at 499.7 million rupees from 500 million rupees a year earlier, while interest expense fell 20 percent to 605 million rupees, but net interest income also fell 60 percent to 105 million rupees.

The Finance accounts showed investments in real estate down to 1.9 billion rupees by end March 2012, from a year earlier, though several lines of cashflow generating business were up.

Hire purchase loans were up to 3.7 billion rupees from 2.6 billion rupees and pawning (loans against gold) were up sharply to 1.0 billion rupees from 388 million rupees a year earlier.

There were also 86 million rupees of provision reversals.

Other income also fell in 2012, with a 69 million rupee negative amount, compared to a 115 million rupee gain last year.

Unspecified other operating expenses at 31 million rupees were down from 1.8 billion rupees last year, which were due to one-off adjustments.

The Finance ran into a controversy, after some shareholders who including directors attempted to dump their stock on state-run National Savings Bank, which was thwarted by Treasury Secretary P B Jayasundera.
http://lbo.lk/fullstory.php?nid=62734384

market bull

market bull
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Planning to buy TFC shares after 3-4 years. Laughing
NAFS Minus (24.90).oh NSB was ready to pay 48.wonder of asia.... : Laughing Laughing

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
A week ago even Central Bank was defending that TFC doing fine.
Wonder of Asia my friend.
They can use the tongue to anything.

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