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| Thursday, 25 March 2004 |
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LOLC profits grow 51% to Rs. 261 million in Q 3 Lanka Orix Leasing Company Limited (LOLC), Sri Lanka's pioneer leasing company has released its results for the third quarter of 2003/2004 indicating that the current year too would be another record year for the company. LOLC which was declining at an alarming rate in the late 1990s was reinvented in 2000. Since then LOLC has been progressing at a remarkable rate and declaring record profits each year. The dividend distribution too has tripled since the reinvention and the company has effected two bonus issues of one for one in 2001 and 2003. The Market Capitalisation of the company which was a meagre Rs. 267 million on March 31, 2000 is now at a staggering Rs. 3 billion despite the present conditions of the stock market. The third quarter results of the company shows a profit of Rs. 261 million, a 51% growth for the company and a 50% growth for the group. The notes to the accounts disclose that this growth has been achieved despite the write off of Rs. 70 million in respect of prior period doubtful debts. During each of the three years LOLC has provided heavily for several old debts. Despite these heavy provisions, the company has succeeded in reaching its highest ever profits for each of the past three years.The Nanayakkara family's stake in the company has exceeded 52% with recent acquisitions. The other major shareholder of LOLC is the ORIX Corporation of Japan. ORIX which is the largest independent leasing company in the world holds 30% of LOLC's share capital. The ORIX interest in LOLC is represented by two Directors one of whom is the Chairman of LOLC, Y. Ishida. The LOLC group now consists of Lanka ORIX Factors Ltd-the pioneer factoring company of Sri Lanka, Lanka ORIX Insurance Brokers Ltd-a leading Insurance Broker in the country, LOIB Financial Services Ltd, Lanka ORIX Finance Co. Ltd-the newest finance company in Sri Lanka, Lanka ORIX Information Technology Ltd., Lanka ORIX Securities (Pvt) Ltd - leading Stock Broking company in the country and LOLC Funding One Ltd. The Directors of the company are; Y. Ishida (Chairman) Ishara Nanayakkara (Deputy Chairman) Dharmasiri Pieris, M. T. L. Fernando, Ravi Fernando, Mrs. Kalsha Amarasinghe, Tushan Wickramasinghe, Y. Miyauchi and MPV Raaj de Silva (Managing Director). |
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