Ceylon FT: The Finance Company PLC (TFC) cut losses by 52% in the third quarter of the 2013/14 financial year, bringing down the losses by 10% for the nine months ending December 2013, interim financial results showed.
Total operating expenses of the group fell 15% to Rs 799.6 million.
Total assets of the company fell to Rs 17.85 billion as at end December 2013, down from Rs 18.5 billion as at end March 2013. Deposits grew to Rs 23.73 billion, up from Rs 22.77 billion.
TFC reported a Rs 271.5 million loss during the third quarter, down 52% from a year ago.
Losses for the nine months ended December 2013 fell 10% from a year ago to Rs 1.09 billion. Group revenue grew 1% to Rs 1.85 billion during the nine-month period and net interest expenses grew 59% to Rs 978.2 million.
Losses for the nine months ended December 2013 fell 10% from a year ago to Rs 1.09 billion. Group revenue grew 1% to Rs 1.85 billion during the nine-month period and net interest expenses grew 59% to Rs 978.2 million.
Total operating expenses of the group fell 15% to Rs 799.6 million.
Total assets of the company fell to Rs 17.85 billion as at end December 2013, down from Rs 18.5 billion as at end March 2013. Deposits grew to Rs 23.73 billion, up from Rs 22.77 billion.
As at end December 2013, the top five shareholders of the company were NDB Bank PLC/T Senthilverl (11.79%), Ceylinco Investment (11.04%), Seylan Bank/T Senthilverl (8.90%), EPF (8.90%), Bank of Ceylon/Ceybank Unit Trust (7.72%).
People's Bank has a 3.44% stake in the firm.
www.ceylontoday.lk
People's Bank has a 3.44% stake in the firm.
www.ceylontoday.lk
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