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| Wednesday, 1 September 2004 |
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Best ever results achieved to-date: Industrial Finance profit up 196% to Rs. 9 million Industrial Finance Limited has recorded a profit of Rs. 9 million for the year ended March 31, 2004, making it the best-ever results achieved to date, with profits rising by 196%. Shareholders, in turn, will enjoy a return of 22% on their investment, which is superior to most other companies in the industry. Expressing delight at this achievement, Managing Director Rohan R. Tudawe said that the performance augured well for the future, with every reason to look forward to progressive growth. The tight control maintained on operating expenses at Industrial Finance can be seen in its cost to income ratio, which has improved from 67% in 2002/3 to 52% in 2003/4. The earnings of Rs. 9.20 per share compares favourably with other well managed finance companies. Growth of the company's balance sheet has been marginally above industry standards with public deposits growing by 21% and total assets growing by 22%. Net assets per share of Industrial Finance increased by 10% to Rs. 39.51 per share in the financial year ended March 31, 2004. Advances over six months in arrears are classified as non-performing advances. The quality of assets in this small but well managed company is seen in its ratio of non-performing advances to total advances, which amount to only 09%. The company has provided for 50% of non-performing advances over six months in arrears and 100% of non-performing advances over 12 months in arrears. Tudawe said that the Company engages in taking public deposits to invest in leases, hire purchase advances, loans and real estate development, and has seen a steady increase in its shareholders funds from Rs. 7 million to Rs. 40 million over a 10 year period. "The confidence placed in the company by our depositors is seen in the growth of public deposits in the absence of any drive to mobilise deposits. Public deposits have, in fact, increased from Rs. 17 million in 1994 to Rs. 144 million in 2004." Registered as a finance company with the Central Bank of Sri Lanka, Industrial Finance Limited is currently in its 42nd year of its operations. |
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