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,"
Foreing Ministry Secretary presenting the award to
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
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
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.