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Losses mount at The Finance Co - Profits tumble 8,000 percent Vote_lcap68%Losses mount at The Finance Co - Profits tumble 8,000 percent Vote_rcap 68% [ 178 ]
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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Losses mount at The Finance Co - Profits tumble 8,000 percent

Losses mount at The Finance Co - Profits tumble 8,000 percent

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sriranga

sriranga
Co-Admin

Profits fell more than 8,000 percent as The Finance Company PLC (TFC) reported a massive Rs. 1.26 billion loss for the nine months ended December 31, 2012 from a profit of Rs. 15.8 million a year earlier, interim financial results filed at the stock exchange showed.

The company reported a net interest expense for the nine month period amounting to Rs. 625.7 million, a huge 83.4 percent increase from a year earlier. Other operating income fell 65.6 percent year-on-year to Rs. 220 million, resulting in a Rs. 340.9 million loss before operating expenses, as against a profit of Rs. 754 million a year ago.

Operating expenses grew 6.66 percent year-on-year to Rs. 979 million.

The loss per share amounted to Rs. 7.87, as against 10 cents profit per share a year ago.

The company reported a loss of Rs. 510.4 million for the December 2013 quarter, 2,833 percent higher than the Rs. 17.5 million loss reported a year earlier.

As at end December 2013, the public deposits held with TFC amounted to Rs. 21.5 billion, up 3.14 percent from year earlier.

Total assets fell 2 percent to Rs. 19.7 billion.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=72909

http://sharemarket-srilanka.blogspot.co.uk/

balapas


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Isn't this the worst performing company listed on CSE? So much talk about restructuring, capital infusion etc stories by the new management but company performance getting worse by the day. They hired a consultancy firm last year to give strategic direction to the company which they could not do! but seems like the only thing happening these days is relocation of branches.

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

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