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| Thursday, 25 March 2004 |
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Commercial Leasing records highest post - tax profits Commercial Leasing Company Ltd (CLC) has recorded significant progress in its tenth year of operations. From a post tax profit of Rs. 48 million in 1994, CLC has made a post tax profit of Rs. 121 million in the year ending 2003, according to the Company's Annual Report of 2003. Chairman Hemaka Amarasuriya said the year 2003 is considered in many ways as a watershed year in the history of the company and a breakthrough from the past. Amarasuriya said that the company not only managed to break out of a conservative stance that largely restricted its operations, but also recorded its highest profits. Amarasuriya credits the leap in profits to a carefully conceived and supported economy which grew at an estimated 5.5%. The absence of war and the favourable economic conditions during the period and the management's ability to break through previous barriers are among other attributes to its success during the year under review. "Just a few years back, we established a vision, to 'soar into the future' and to 'forge ahead to reach new frontiers', while overcoming all barriers. The flight has just begun and the company is confident of reaching greater heights not only in meeting shareholder expectations but also in establishing conditions that will internalise the roots that contributes to continued success" Amarasuriya said. Amarasuriya told shareholders that such performances and strategic plans for growth will demand relentless and continuous attention of management, under the seemingly uncompromising business, political and social instability the country is experiencing at present. He however is confident that the inherent strengths of the company and motivational management will assist the company overcome the external challenges that lie ahead. The company's General Manager/CEO Dr. H. S. Dilanjan Soysa attributes the healthy growth to the substantial increase in the customer base for equipment leasing in addition to penetrating into markets hitherto untapped. From Rs. 50 Million in 2001, Rs. 1146 Million in 2002 to Rs. 1956 Million in 2003. CLC he adds, has to compete with bigger and better established players and this situation has forced the company to explore alternative means of market penetration. Prudent management and marketing strategies are other factors that have contributed to the company's success. Share prices which were Rs. 21 in December 2001 doubled to Rs. 42 during the year and in 2003 it arose again reaching a peak of Rs. 85 during the year.Dr. Soysa laments the misconception that leasing makes little or no contribution towards the income of the Department of Inland Revenue. |
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