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| Tuesday, 18 May 2004 |
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CSFSL records 20% growth in profit after tax to Rs. 92 m Ceylinco Securities and Financial Services Group (CSFSL) has recorded Rs. 2.38 billion in revenue and a profit after taxation of Rs. 92 million for the financial year 2003/2004. This is a 8% growth in turnover and a 20% growth in profit after taxation. The profit after taxation and minority interest rose to Rs. 60.6 million, which is a 20% rise compared to Rs. 50.4 million the previous year. During the year under review CSFSL has made significant strides in achieving its chosen objectives. The company has concentrated more on fund based activities such as property development and leasing. This has given a significant boost to the bottomline. It has also moved to the outskirts with branches throughout the country. Branches of CSFSL have been set up in Matara, Kandy, Kurunegala, Panadura, Negombo, Ratnapura, Dambulla and Trincomalee. CSFSL is also in the process of establishing a branch in Anuradhapura and the diversification to the outstations has enabled the company to increase its fund-based activities. Ceylinco Developers Limited has made vast strides in the recent past and has reached significant levels and have made an extremely significant contribution to the bottomline to the CSFSL Group along with Ceylinco Stockbrokers and Asian Finance Limited. CSFSL is also in the process of making a Debenture issue in the distant future, in order to avoid maturity mismatch in the balance sheet. |
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