Mercantile Leasing sectoral winner

MERCANTILE Leasing Limited (MLL) was adjudged the sectoral winner in the specialised leasing company category at the recently conducted award ceremony for "Best Corporate Annual Reports" held under the aegis of the Institute of chartered Accountants of Sri Lanka.

This award recognises transparency and clarity in the company's presentation of financial statements together with sound corporate governance practices.

By winning this award Mercantile Leasing Limited has received the accolade of having produced the best annual report in the specialised leasing company category for 2005.

Mercantile Leasing has been at the forefront of the leasing sector for well over two decades. Established in 1982 as a Private Limited Liability Company, it was later converted to a Public Company and listed on the Colombo Stock Exchange in 1983. Lloyds Bank International then secured a 35% stake in the company.

The leasing industry currently consists of 47 companies registered with the Leasing Association of Sri Lanka, which includes specialised leasing companies such as MLL registered finance companies, Commercial and development banks.

The company's results for the year 2004 indicated a turnover of Rs. 1.49 billion.

The profit before taxation for the same period was Rs. 110 Million.