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The Finance Company cuts losses 76% in 4Q

6 June 2017 12:01 am - 0     - {{hitsCtrl.values.hits}}

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The troubled financial institution, The Finance Company (TFC), managed to cut its losses for the quarter ended March 31, 2017 (4Q17) by 76 percent year-on-year (YoY) to Rs.295.13 million through changes in impairment, the interim financial accounts showed. 
However, the gross income fell one percent YoY to Rs.809.68 million. Of this, the interest income fell 6 percent YoY to Rs.809.69 million. The interest expenses increased 11 percent YoY to Rs.956.02 million.
The Central Bank last December reconstituted TFC’s board after its previous board of directors resigned. The monetary sector regulator in the past had directed three similar troubled finance companies to be wound up after appointing several boards of directors. 
TFC’s net asset value per share was a negative Rs.90.36 at the end of the 2017 financial year, 

worsening from a negative Rs.81.05 at the start of the year. The commitments and contingent liabilities of TFC increased to Rs.42.65 billion from Rs.36.05 billion in the same period as well.
The firm has so far accumulated Rs.20.60 billion in losses.
The net loss for the 2017 financial year (FY17) widened 38 percent YoY to Rs.1.49 billion. The gross income fell 5 percent YoY to Rs.3.63 billion. The interest income fell 5 percent YoY to Rs.3.41 billion while the interest expenses remained flat at Rs.3.67 billion. 
The financial segment had an interest income of Rs.2.91 billion, down from Rs.3.14 billion YoY for 2017, while the operating profits fell to Rs.2.73 billion from Rs.2.85 billion YoY.
The biggest change in impairment was witnessed in the real estate sector, which managed to post operating profits of Rs.63.33 million, the same as its income, compared to a Rs.445.68 million operating loss YoY through impairment. The treasury operations managed to record operating profits of Rs.496.03 million, up from Rs.452.38 million YoY, which were the same as its income. The company doesn’t have a controlling shareholder and as at March 31, 2017, high-net-worth investor Dr. T. Senthilverl held 21.64 percent of shares in TFC, while Ceylinco Investment Co. Ltd held 11.04 percent of the shares. 
Bank of Ceylon’s Ceybank Unit Trust owned 9.45 percent of TFC and the state-run private sector pension fund, the Employees’ Provident Fund, owned 8.43 percent. (CW) 

 

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