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| Friday, 3 December 2004 |
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Surge in investor confidence in LB Finance 3Q results LB Finance's third quarter results have recorded an impressive high, bouyed by the advent of a new high-profile management team and exciting changes in customer-care. A leap in profits to Rs.27.8 million from the previous quarter's figure of Rs.17. 8 million looks all the more impressive considering the uncertain economic outlook which prevailed during the time. "Our third quarter has been phenomenal. It is a clear vote of investor confidence in the company", said Sumith Adihetty, Managing Director announcing the third quarter results. The upsurge in public confidence comes in the wake of the take-over of LB Finance by Sri Lanka's most prolific investor Dammika Perera who installed a hand-picked team of financial experts at its helm. Interest income for the quarter ending September swelled to Rs.363. million while the company's new management successfully pegged down the Interest expenditure to Rs.217 million, resulting in a net income of Rs.146. million. "We introduced some bold and innovative measures as the new management team completely revamped the operational outlook of the company. We are quite excited to see our efforts paying rich dividends in such a short time", said Adhihetty, a seasoned financier with over 25 years of experience. |
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