ECONOMYNEXT - Sri Lanka's The Finance Company Ltd, a troubled non-bank lender of the former Ceylinco group lost 333 million rupees in the June 2016 quarter, down from 373 million rupees a year earlier.
The publicly traded company reported earnings of 2.08 rupees per share.
The lender said interest income grew 1 percent to 967 million rupees, interest income grew 12 percent 884 million rupees, interest expenses fell 3 percent to 873 million rupees and interest income was a positive 11.2 million rupees, compared to a loss of 57 million rupees last year.
Loans loss provisions were 130 million rupees up from 102 million a year earlier.
Fee and commission income grew 20 percent to 25.8 billion rupees.
The firm has assets of 23.7 billion rupees in its books and customer deposits of 29.4 billion rupees and other borrowings of 4.9 billion rupees.
With 19 billion rupees of accumulated losses, the firm has a 19.4 billion rupee hole in the balance sheet (negative net assets.)
The Finance Company, was one of a series of finance companies that got into trouble during the 'Rata Perata' credit bubble fired by the Central Bank and Treasury with low interest rates and steady currency depreciation from 2004 onwards.
Several finance companies collapsed after rates corrected in 2008 amid a balance of payments crisis.
In 2011 however tight peg defence push up rates and arrested another housing, though there was a stock market boom.
The publicly traded company reported earnings of 2.08 rupees per share.
The lender said interest income grew 1 percent to 967 million rupees, interest income grew 12 percent 884 million rupees, interest expenses fell 3 percent to 873 million rupees and interest income was a positive 11.2 million rupees, compared to a loss of 57 million rupees last year.
Loans loss provisions were 130 million rupees up from 102 million a year earlier.
Fee and commission income grew 20 percent to 25.8 billion rupees.
The firm has assets of 23.7 billion rupees in its books and customer deposits of 29.4 billion rupees and other borrowings of 4.9 billion rupees.
With 19 billion rupees of accumulated losses, the firm has a 19.4 billion rupee hole in the balance sheet (negative net assets.)
The Finance Company, was one of a series of finance companies that got into trouble during the 'Rata Perata' credit bubble fired by the Central Bank and Treasury with low interest rates and steady currency depreciation from 2004 onwards.
Several finance companies collapsed after rates corrected in 2008 amid a balance of payments crisis.
In 2011 however tight peg defence push up rates and arrested another housing, though there was a stock market boom.
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