|
|
 |
 |
 |
| Tuesday, 19 August 2003 |
 |
|
 |
Business | |
| News Business Features Editorial Security Politics World Letters Sports Obituaries
|
People's Leasing records Rs. 154 million net profit People's Leasing Co. Ltd (PLC) recorded a net profit of Rs. 154 million in the year under review with a growth path of 100% compared with last year. The gross turnover of Rs. 2,159 million recorded a growth of 38% over the last year. PLC was ranked the number one leasing company in Sri Lanka. PLC claimed this position out of 50 institutions registered with the Central Bank of which 38 institutions are members of the Leasing Association of Sri Lanka as at March 2003. PLC recently celebrated its seventh year anniversary and within a short period of time, has reached its pinnacle by winning this coveted position. This achievement demonstrates its long-term commitment towards becoming the premier leasing company in Sri Lanka. PLC also closed an eventful year of business in March 2003 with concrete results and a resounding success story said D.P. Kumarage CEO of People's Leasing Company at the official release of their latest Annual Report. In the meantime, the Company has declared 2003/04 as the "year of Consolidation", Kumarage said. People's Leasing Company now popularly known as PLC was incorporated on August 22, 1995 as a fully owned subsidiary of the People's Bank commenced its commercial operations in May 1996, the branch networks is 11 and are computerised and linked to the Head Office. The initial objective of forming the Company with three employees was to act as a facilitator to the parent Company, People's Bank, by way of extending lease facilities to People's Bank. PLC has now emerged as the flagship subsidiary which is the Parent Company's pride. The Company's lease portfolio covers buses and other transport equipment, plant and machinery, office equipment, automation products and agricultural equipment including tractors. The customer base is more than 12,000. "We salute them for making PLC the No. I Leasing Company is Sri Lanka" Kumarage said. PLC structures tailor made and flexible leasing package to match the requirements and budget of the customers. In keeping with the spirit of vision and mission, PLC is well accepted as "the innovative, speedy and customer friendly lease provider" who offers low rate of interest, flexible payments, hassle free process coupled with an efficient customer service and care. Having released around 3,000 omni buses on leasing terms so far, PLC is also the market leader and the pioneer in providing facilities to the bus passenger transport sector. PLC has invested in new business over Rs. 1 billion for each of the previous four financial years. During the year 2002/03, PLC generated an unprecedented amount of Rs. 4.6.billion mark (at cost of assets) in new business which is a 163% growth over the last year. The Branch network generated 39% and the Company expects to increase this level to 60% in the near future. The lease rentals receivables portfolio increased from Rs. 3.9 Million in the last year to Rs. 7.195 billion in the year under review having recorded a growth path of Rs 82% over the last year. Kumarage said "A high level key process of our business strategy is our recovery collection profile. PLC achieved a high average recovery rate of 91. 5%". PLC raised funds mainly through securitisation. Even the Central Bank Annual Report - 2002 has made reference to PLC regarding the lease receivable securitisation deals. Staff of all grades are true team players, PLC invested heavily on staff training and management development process to motivate and empower them to handle responsibilities with confidence. The present staff strength is 215. Thus PLC has built for itself a motivated professional team that is delivering at all fronts. All these results translate to a year of resounding success for PLC. PLC is proud of its crowning results and grateful to its stakeholders. PLCs strategy for the coming year will be to focus on customer retention and diversification of the financial service products. We will leverage our strengths and enhance customer relationship management techniques to deliver the results we seek with a difference. |
|
News | Business | Features
| Editorial | Security
Produced by Lake House |
