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DateLine Friday, 26 December 2008

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Mercantile Investments bags gold for best annual reprot


The Gold award

Mercantile Investments emerged as the winner for the ninth consecutive year of producing the best annual report in the Finance Company category at the recently held awards ceremony by the Institute of Chartered Accountants of Sri Lanka (IAASL) for 2008.

Managing Director of Mercantile Investments, Gerard Ondaatjie said that this is a result of hard work done over the years with support of their dedicated staff.

"Though we are not a quoted company we have being releasing an annual report. We do this to show the company transparency to our depositors," he added.


Foreing Ministry Secretary presenting the award to Mercantile Investments.

He said that the company holds their annual general meeting on time and this also helps the smooth flow of the formation of the annual report," he said.

The award while stamping confidence of the company in the eyes of the public also is a motivation for their staff.

Mercantile Investments Ltd continued their excellent business performance even in difficult economic conditions to maintain a net profit after tax of Rs 108 million a reasonable growth of 10 per cent over 2007 half year results. The Profit Before Tax also indicated a growth to reach Rs 129 million up by 8 per cent compared to previous year.

The sustainability in profits was mainly attributable to the Improvement in Net Interest Income, which was Rs 298 Million an increase of 7 per cent over 2007 and the controlling of overhead cost in spite of growing inflation.

The growth in deposits was well above the growth made in 2007 and stood at 31per cent when annualised. The growth in deposit base and improved business was supported further by the opening of two additional Branches in 2008 excellently located in towns of Balangoda and most recently in Mahara.

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