Expolanka Holding PLC 14% Growth

Expolanka Holding PLC 14% Growth

Expolanka Performance

Expolanka Holdings PLC posted a revenue of Rs. 13. 9 billion for the final quarter of the financial year 2014/15 with a growth of 14% compared to the corresponding quarter of the previous year. Profit after tax reached Rs. 287 million for the final quarter of this year recording a growth of 181% in comparison to the corresponding quarter of the previous year. 2

“A year after implementing the strategic restructuring plan and striking a partnership with SG Holdings Japan, we are pleased with the progress and confident about our future. The solid platform built with the synergy gained from our partnership with SG Holdings Japan and the focused restructuring strategy will result in aggressive growth in the coming years,” Group CEO and Director of Expolanka Holdings PLC Hanif Yusoof commented.

The strategic restructure was undertaken with the aim of focusing the Group attention on core business sectors, Freight and Logistics and Travel and Leisure.

In spite of the positive growth during the final quarter of this financial year, the Group’s net profit declined to Rs. 1 billion from Rs. 1.5 billion recorded during the financial year 2013/14 mainly due to one off gains recorded in the previous year related to divesting several non-core businesses.

The Freight and Logistics sector posted a revenue of Rs. 11.9 billion for the fourth quarter, indicating a healthy growth of 36% from the recorded revenue of Rs. 8.7 billion during the same period last year. Strong performance from North America Trade lane coupled with steady growth in Asia trade lane supported this growth. The net profit for the sector reached Rs. 407 million for the quarter which is a 100% growth compared to similar period last year.

The Travel and Leisure sector posted a revenue of Rs. 747 million for the financial year 2014/15 demonstrating a healthy growth of 31% from the recorded revenue of Rs. 568 million during the same period last year.

International trading and manufacturing sector recorded a revenue Rs. 1.1 billion, recording an expected decline from the Rs 2.4 billion posted during the corresponding quarter of the previous year. The divestment of several companies in the sector both last year as well as in the third quarter this year resulted in a decline in turnover.

However the restructure efforts helped the sector to improve profitability recording a sector net profit of Rs. 71 million which is a 327% growth when compared to same period last year. The restructuring efforts have also helped the Group to free up capital and deploy it to retire debt and strengthen the balance sheet.

“We are confident in achieving sustainable growth and I believe that our well-defined plans will continue to bear fruit in the future,” Yusoof added.

Pada 6:33 AM Komentar

Commercial bank surpass Rs.10 billion

Commercial bank surpass Rs.10 billion

Commercial bank Performance

First Sri lanka Private Bank surpass 10 billion
Commercial Bank of Ceylon PLC has established yet another performance milestone, becoming the first private bank in Sri Lanka to surpass Rs. 10 billion in net profit, following a solid all-round 2012 performance that the bank dedicates primarily to its customers.

Profit before tax for the 12 months ending 31 December 2012 grew 30.26% to Rs. 14.311 billion, while profit after tax at Rs. 10.072 billion reflected a growth of 25.15%, Sri Lanka’s largest private bank said in a filing with the Colombo Stock Exchange.

Details	Change in Percentage	Change in Billion
Profit before tax	30.26%	14.311 billion
profit after tax	25.15%	10.072 billion

Commercial Bank Chairman Dinesh Weerakkody said the bank’s financial results reflect the significant role it now plays in the lives of millions of people and the national economy, as well as its commitment to the concept of ‘Banking on You’.

Commenting on the bank’s 2012 performance, Weerakkody said: “The bank’s stellar performance this year amply demonstrates the ‘value’ of long standing relationships that the bank has built over the years. Many Sri Lankans are stakeholders of the bank given the bank’s wide geographical spread and the large customer base cutting across every stratum of society.”

Commercial Bank’s Managing Director and CEO Ravi Dias noted: “Our aim has always been to focus on our fundamentals – strengthening the balance sheet, ensuring stability and maintaining a strong current and savings account base, which at current levels is probably the best in the industry.”

The bank’s total income for 2012 improved by 38.88% to Rs. 63.167 billion,

• Interest income increasing 37.72% to Rs. 51.838 billion 
• non-interest income, composed of foreign exchange and other income, growing by 47.62% to Rs. 9.729 billion.

Interest income from loans and advances grew by 45.35% to Rs 41.711 billion. The bank’s total performing loans and advances increased by Rs. 48.824 billion or 17.94% over the 12 months. Interest income from other interest earning assets such as Treasury bills and bonds improved by 13.26% to Rs. 10.128 billion.

With the bank’s deposits portfolio growing by Rs. 64.262 billion or 20.18%,

• interest expenses grew by 52.31% in the review period to Rs. 29.918 billion.

Consequently, net interest income increased by 21.80% to Rs. 21.920 billion.

The growth in non-interest income was attributable principally to increased foreign exchange income. A high volume of Treasury operations and translation gains generated foreign exchange income of Rs. 4.752 billion, an increase of 104.69%.

Total loans and advances of the bank improved by 17.67% over the 12 months to Rs. 338.843 billion at 31 December 2012.

This growth was carefully managed by the bank in keeping with the guidelines stipulated by the Central Bank of Sri Lanka, Commercial Bank’s Chief Financial Officer Nandika Buddhipala said.

The bank’s total deposits stood at Rs. 382.723 billion at 31 December 2012.

Total assets of the bank crossed the Rs. 500 billion milestone during the year to Rs. 510.75 billion, reflecting a growth of 15.79%. Commercial Bank is the first private bank in Sri Lanka to exceed Rs. 500 billion in assets.

The provisioning policy adopted by the bank under which it made additional provisions over and above the minimum level required by the Central Bank resulted in net provisions for bad and doubtful debts increasing to Rs. 1.496 billion, Buddhipala disclosed. In addition to this the bank made a general provision of Rs. 228 million in the year reviewed.

The bank’s gross non-performing loans ratio reduced marginally from 3.43% in 2011 to 3.37% in 2012, and its net NPL ratio also improved, from 2.08% to 1.84%.

Its interest margin increased by 15 bps to 4.59% from 4.44% a year previously.

Non-interest expenses increased by 17.03% to Rs. 13.858 billion, with staff cost, premises, equipment and establishment charges increasing due to expansion of the branch network and relocation of several branches.

The bank opened 14 new delivery channels and installed 55 new ATMs in Sri Lanka during the review period to end the year with 227 service points and a network of 555 ATMs, which is the single largest ATM network owned by a bank in Sri Lanka. The bank’s Bangladesh operations comprised of 17 service points and 14 ATMs in the year under review.

In other key performance indicators, the bank’s return on equity improved to 20.79% while return on assets improved to 3.01% before tax and 2.12% after tax.

A 10-year subordinated loan of US$ 75 million obtained from the IFC in the first quarter of 2013 would further improve capital adequacy, creating more room for leverage, Buddhipala said.

Taken as a Group, the Commercial Bank, its subsidiaries and associates reported a pre-tax profit of Rs. 14.332 billion at the end of 2012, representing a growth of 29.49%. Profit after tax for the period increased by 24.25% to Rs. 10.058 billion.

Commercial Bank is the only Sri Lankan bank to be listed two years consecutively in the world’s Top 1,000 Banks. The bank has been adjudged ‘Best Bank in Sri Lanka’ for 14 consecutive years by ‘Global Finance’ Magazine, and has won multiple awards as the country’s best bank from ‘The Banker,’ ‘FinanceAsia,’ ‘Euromoney’ and ‘Trade Finance’ magazines.

Pada 7:11 PM Komentar