LB Finance doubles profit

21 February 2011 05:30 am - 0 - {{hitsCtrl.values.hits}}

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By Thushantha Jayatilaka

LB Finance recorded an income of Rs. 1.4 billion for the three months ended t December 31, 2010. This is an increase of 35% in income over the previous period of Rs 1.0 billion.

Profits after tax for the three months stood at Rs. 228 million up by 85% from Rs 123 million for the same period last year according to the interim results released.

For nine months ended December revenue grew by 29% to 3.8 billion compared to Rs 2.9 billion in the last financial year.

Nett profit for the period after tax was at Rs. 629 million a 119% jump from the corresponding period last year.

Earnings Per share (EPS) for the quarter were Rs 6.58 and for nine months the EPS stood at Rs 18.17.

According to the financial statement there has been a marked increase in lease rentals receivable and stock out hire amounting to Rs 3.8 billion compared to Rs. 893 million for the same period last year affecting the company's cash flow.

However deposits also increased to Rs. 3.4 billion from Rs.2.2 billion for the same period last year.
LB Finance has acquired property, plant and equipment amounting to Rs 169 million where only Rs.69 million was spent for financial year 2009 which is an increase of 243%.

The bulk of the income came from its lease and stock out hire amounting to Rs 2.5 billion of the total revenue.

There has been a marked decrease in interest from real estate to Rs. 905,000 down from Rs 2.4 million a year ago.

The major shareholder of the company is Vallibel One Limited owning 51% of the shares followed by Dammika Perera holding 20.3% respectively

On May 30, 1971 LB Finance Limited was incorporated under the Companies Ordinance No. 51 of 1938 as a private company and was subsequently converted to a public Company on 29th September 1982.

It was listed on the Colombo Stock Exchange on December 30, 1997.

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LB Finance doubles profit

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