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Arpico Finance Co. Ltd. has increased its turnover from Rs. 6.2 billion million to Rs. 8.1 billion for the year ended March 31,2002, up 31 percent from the corresponding period a year ago.

The post tax profit of the company has increased marginally from Rs. 2.1 billion to Rs. 2.6 billion between the two periods.

Chairman of the company Prathapkumar De Silva has told shareholders that the performance of the company has been moderate considering the unstable political environment during the year coupled with the long dark hours that the industrial sector has to face where productivity has been brought to a standstill due to the power crisis. As a result of this the clients of the company faced liquidity problems.

The Chairman has also attributed the reduction in the profits to the relief that the company has afforded to some of the clients who were in distress during the period under review. Another significant impact on the profitability was the high interest rates due to the high cost of borrowing during the first half of the year. the Chairman's Annual report to shareholders said.

The company has also looked at more profitable ventures to invest in considering the competitiveness to the leasing business which is the core business of the company.

The Fixed Deposits of the company has grown to Rs. 404 million from Rs. 312 million, an increase 30 percent which has been further stimulated by the Golden Plus deposit scheme.

The company's debt position has improved tremendously with the recoveries department recovering cash and assets from long outstanding amounts. The commencement of the real estate position has also improved the company's position tremendously.

The Board of Directors have recommended a final dividend of 15 percent, up from 10 percent last year.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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