Bartleet TransCapital records remarkable hike in profits

Bartleet TransCapital Ltd. (BTCL), the Bartleet & Co’s Financial Services Group, has achieved profit after tax of Rs 1.2 billion for the nine months ending December 31, 2010, a near ten-fold growth over its net profit for the full year in 2009-10.

The company’s turnover of Rs 225 million from operations was boosted by gains of Rs 700 million from its strategic alliance with the global financial services giant Religare Enterprises Limited, and from investments in shares in the review period.

In its Annual Review for the year ending March 31, 2010, BTCL announced that all of the Group’s companies had recorded healthy profits. Consequently a dividend of Rs. 2 per share, a company record, is being paid to shareholders.  

Explaining the shift in fortunes, Bartleet TransCapital Chairman A.S Jayawardena noted that global growth impulses are moving towards the Asia region. Sri Lanka should endeavor to re-orient its trade toward these emerging centers of growth whilst ensuring it maintains the traditional markets, he said.

Chairman of Bartleet Finance, Eraj Wijesinghe recalled that 2009 and 2010 was one of the most critical periods in the history of the financial services industry in Sri Lanka, as a result of the global financial crisis and the collapse of a large unlicensed local group.  Nevertheless, Bartleet Finance was able to meet each and every withdrawal including those within 24 hours, despite the additional pressures on this sector, he said.

Bartleet TransCapital Managing Director Indrajith Fernando noted that the change in demand by the company’s patrons, with greater emphasis towards an end-to-end service that consisted of one optimised strategy rather than several potentially conflicting ones.  “Our holistic model and personalised approach to clients’ needs is proving to be a success,” he said.

The Bartleet Group provides many services in Sri Lanka and specialises in the retail market. However, the entry of several new competitors into this segment along with volatility in the global financial markets now subjects the company to new challenges. Consequently, Bartleet TransCapital is pursuing a strategy to successfully overcome and benefit from the strengths and the opportunities, Fernando said.

Incorporated in 2004, Bartleet TransCapital is a subsidiary of Bartleet and Company established in 1904. BTCL offers the pioneering service, ‘Wealth Factor’ an independent professional investment and advisory service. Wealth Factor offers a broad range of personal services in financial planning, wealth creation and wealth preservation strategies. The company also offers consultancy and advisory services including Risk Management and Corporate Finance.

The Bartleet TransCapital group includes: Bartleet Finance Ltd., Bartleet Mallory Stock Brokers Ltd., Strategic Insurance Ltd. and Life Insurance Lanka Ltd.

Directors:  A.S. Jayawardena (Chairman) A. I. Fernando (Managing Director) Eraj Wijesinghe, Sunil Wijesinghe, R. Muralitharan.