Singer Finance PLC Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2013
November 14, 2013 at 12:29 pm EST
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Singer Finance (Lanka) PLC reported earnings results for the second quarter and six months ended September 30, 2013. For the quarter, the company reported net interest income was LKR 247,131,000 compared with LKR 231,494,000 for the same period last year. Operating Profit before Provision for loan losses and tax was LKR 158,360,000 compared with LKR 106,846,000 for the same period last year. Profit before tax was LKR 89,726,000 compared with LKR 91,569,000 for the same period last year. Net profit for the period was LKR 64,294,000 or LKR 0.39 basic per share compared with LKR 65,607,000 or LKR 0.56 basic per share for the same period last year.
For the six months, the company reported net interest income was LKR 481,303,000 compared with LKR 449,207,000 for the same period last year. Operating Profit before Provision for loan losses and tax was LKR 290,576,000 compared with LKR 203,600,000 for the same period last year. Profit before tax was LKR 163,176,000 compared with LKR 179,823,000 for the same period last year. Net profit for the period was LKR 117,540,000 or LKR 0.71 basic per share compared with LKR 130,070,000 or LKR 1.12 basic per share for the same period last year. Net cash generated from operating activities was LKR 310,826,000 compared with net cash used in operating activities of LKR 453,873,000 for the same period last year. Acquisition of property plant & equipment was LKR 20,421,000 compared with LKR 16,548,000 for the same period last year.
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.