Alliance Finance (AF) Co.PLC recorded a turnover of Rs.8, 689 million for the year ended 31st March 2014 against Rs. 7,407 million in the corresponding period last year, registering a year-on-year growth of 17.3% in terms of turnover, according to its Annual Report released recently.
However, AF’s financial highlights for the year indicated that return on shareholders’ funds (after tax) has declined to 13.68% from 28.50% last year.
Return on total assets (after tax) has also dipped to 1.7% from 3.39% while earnings per share is down to Rs.127 from Rs. 210.33 year-on-year.
However, net assets per share have increased by 13% while dividend cover has increased by 6.35 times against 5.26 times last year.
AF Chairman Sunil Karunanayake commenting on the fiscal performance of the company during the period said, "Due to the decision rein in growth momentum, the profitability reduced by 39.6% compared to the previous year to record a profit after tax of Rs.309 million".
"The lower bottom line was also a result of the higher liquidity and bad debt provisioning and higher operating costs. The net interest margin dropped to 7% compared to 9% in the previous year, but was higher than the industry average of 6.6%. And the deposit base meanwhile saw a 24.4% growth," Karunanayake added.
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However, AF’s financial highlights for the year indicated that return on shareholders’ funds (after tax) has declined to 13.68% from 28.50% last year.
Return on total assets (after tax) has also dipped to 1.7% from 3.39% while earnings per share is down to Rs.127 from Rs. 210.33 year-on-year.
However, net assets per share have increased by 13% while dividend cover has increased by 6.35 times against 5.26 times last year.
AF Chairman Sunil Karunanayake commenting on the fiscal performance of the company during the period said, "Due to the decision rein in growth momentum, the profitability reduced by 39.6% compared to the previous year to record a profit after tax of Rs.309 million".
"The lower bottom line was also a result of the higher liquidity and bad debt provisioning and higher operating costs. The net interest margin dropped to 7% compared to 9% in the previous year, but was higher than the industry average of 6.6%. And the deposit base meanwhile saw a 24.4% growth," Karunanayake added.
www.island.lk
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