PLC Group declared the highest ever first half results in its history with an outstanding profit after tax (PAT) of Rs. 2.35 billion.
This signifies a 25.3% growth over the corresponding period of the previous year.
The Group’s performance has been consistent since the second quarter of the last financial year with profits over Rs. 1 billion for consecutive five quarters. Group’s pre-tax profit reached Rs. 3.38 billion with a 27.8% surge and Group’s total assets stood at Rs. 121.66 billion reflecting a 3.8% rise over the asset base as at March 31, 2015. “A strong asset base, steadfast workforce lead by an abled management paved the way for the Group to achieve exceptional performance in the 1H of 2015/16,” PLC Chairman Hemasiri Fernando said.
People’s Leasing & Finance being the main contributor to the Group’s achievement also evinced its highest ever 1H result with a Rs. 2.26 billion profit after tax reflecting an YoY growth of 29.5%. Profit after tax for second quarter also grew by 16.8% over the corresponding period of the previous year to Rs. 1.26 billion, securing the highest profit achieved for a quarter throughout PLC’s corporate journey. CEO D. P. Kumarage said PLC performed extremely well amidst the challenging business environment to record solid operational and financial results in 1H and we are very optimistic about the rest of the financial year”
Low interest rate regime lessened interest income to Rs. 4.48 billion while interest expenses decreased to Rs. 1.89 billion (-23.4%) resulting a net interest income of Rs. 2.59 billion (+5.6%) in the second quarter of financial year 2015/16.
Despite the growth in business volumes, PLC managed to curtail the growth in operating costs to 2.5% in 2Q which positively contributed to the company’s profitability.
www.dailynews.lk
This signifies a 25.3% growth over the corresponding period of the previous year.
The Group’s performance has been consistent since the second quarter of the last financial year with profits over Rs. 1 billion for consecutive five quarters. Group’s pre-tax profit reached Rs. 3.38 billion with a 27.8% surge and Group’s total assets stood at Rs. 121.66 billion reflecting a 3.8% rise over the asset base as at March 31, 2015. “A strong asset base, steadfast workforce lead by an abled management paved the way for the Group to achieve exceptional performance in the 1H of 2015/16,” PLC Chairman Hemasiri Fernando said.
People’s Leasing & Finance being the main contributor to the Group’s achievement also evinced its highest ever 1H result with a Rs. 2.26 billion profit after tax reflecting an YoY growth of 29.5%. Profit after tax for second quarter also grew by 16.8% over the corresponding period of the previous year to Rs. 1.26 billion, securing the highest profit achieved for a quarter throughout PLC’s corporate journey. CEO D. P. Kumarage said PLC performed extremely well amidst the challenging business environment to record solid operational and financial results in 1H and we are very optimistic about the rest of the financial year”
Low interest rate regime lessened interest income to Rs. 4.48 billion while interest expenses decreased to Rs. 1.89 billion (-23.4%) resulting a net interest income of Rs. 2.59 billion (+5.6%) in the second quarter of financial year 2015/16.
Despite the growth in business volumes, PLC managed to curtail the growth in operating costs to 2.5% in 2Q which positively contributed to the company’s profitability.
www.dailynews.lk
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