Singer Finance PLC Announces Earnings Results for the Third Quarter and Nine Months Ended December 31, 2013; Announces Impairment for the Third Quarter Ended December 31, 2013
February 12, 2014
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Singer Finance (Lanka) PLC announced earnings results for the third quarter and nine months ended December 31, 2013. For the quarter, the company reported net interest income of LKR 245,122,000 against LKR 234,714,000 a year ago. Operating profit before provision for loan losses and tax was LKR 156,848,000 against LKR 121,273,000 a year ago. Profit before tax was LKR 105,830,000 against LKR 92,152,000 a year ago. Net profit for the period was LKR 80,951,000 or LKR 0.49 per basic share against LKR 72,545,000 or LKR 0.44 per basic share a year ago.
For the nine months period, the company reported net interest income of LKR 726,425,000 against LKR 683,921,000 a year ago. Operating profit before provision for loan losses and tax was LKR 447,424,000 against LKR 324,873,000 a year ago. Profit before tax was LKR 269,006,000 against LKR 271,975,000 a year ago. Net profit for the period was LKR 198,491,000 or LKR 1.20 per basic share against LKR 202,615,000 or LKR 1.55 per basic share a year ago. Net cash generated from operating activities was LKR 114,277,000 against net cash used in operating activities of LKR 814,497,000 a year ago. Acquisition of Property Plant & Equipment was LKR 23,662,000 against LKR 25,895,000 a year ago. Cash flows incurred on Software Development were LKR 9,653,000 against LKR 10,409,000 a year ago.
For the quarter, the company reported impairment charges for loan and other losses LKR 46,749,000 against LKR 24,499,000 a year ago.
Singer Finance (Lanka) PLC is a Sri Lanka-based mid-sized licensed finance company. The principal activities of the Company consist of finance leasing, gold loans, financing of consumer durables under loan scheme and granting loans, factoring, authorized foreign currency dealer and mobilizing fixed deposits and savings deposits. The Company operates through three segments: Finance Lease, Loan & Advances, and Other. The Companyâs products include fixed deposit, savings accounts, online banking, debit card, leasing, gold loans, factoring, consumer finance, foreign currency exchange and western union. The Company's online services include facility payments, online banking, real-time payment update, short message service (SMS) alert on payment update, security and convenience and quick access. The Company operates through 50 branches. The Company is a subsidiary of Singer (Sri Lanka) PLC, which is a manufacturer and retailer of consumer durables and part of the Hayleys Group.
Singer Finance PLC Announces Earnings Results for the Third Quarter and Nine Months Ended December 31, 2013; Announces Impairment for the Third Quarter Ended December 31, 2013