Orient Finance revenue up 64 % for 3Q

Orient Finance PLC has recorded impressive results for the quarter ended December 31, 2012. While income has grown by 64 % recording Rs. 216 million, the bottom line has risen to Rs. 38.8 million for the quarter, an improvement from Rs. 33 million for the same period of the previous year.

Income for the nine month period ended December 31, 2012 also recorded a 70 % growth registering Rs. 598.5 million as against the Rs. 352 million income for the same period of the previous year.

The company reported a cumulative Profit After Tax of Rs. 127 million as against the previous year’s Profit After Tax of Rs. 82 million improving the EPS of the Company to Rs. 1.10 for the nine month period. This is a 36 % growth compared to the same period of last year.

Net Interest Income increased by 22 % over the corresponding period of the previous year, despite an increase of interest expenses by 188 %. The company was able to improve its bottom line through prudent management of overhead costs. The company was able to increase its gross lending portfolio to Rs. 3,196 million by December 31,2012 up from Rs.1,852 million as at December 31, 2011, despite the decrease in the overall demand for motor vehicles. During the quarter the company added Gold Loans to its product line to become a full service provider in the Financial Service Sector. The company pioneered the concept of a 365 day financial service offer through its upgraded Welisara branch in December 2012.

During the quarter, two window offices located at Anuradhapura and Gampaha were converted to fully fledged branch status to provide convenient reach to all its products. The company is planning to upgrade more window offices to fully fledged branches during the months to come.

Orient Finance PLC is licensed under the Finance Business Act No. 42 of 2011 by the Monetary Board of the Central Bank of Sri Lanka. It has a Rating of BBB- (Stable outlook) from ICRA Lanka.

The company is listed on the Colombo Stock Exchange. Its main lines of businesses are leasing and hire purchase of motor vehicles, debt factoring, gold loans and acceptance of fixed deposits. Orient Finance PLC is a subsidiary of Orient Capital Limited (OCL) which is a 100 % equity financed company that provides diverse capital market services to individual and corporate clients. Orient Wealth Limited and First Alliance Money Brokers Limited (FAMB) also come under the OCL umbrella.