ETI recognised for its Annual Reports

The Edirisinghe Trust Investments (ETI) annual report of 2009/2010 has been awarded a certificate of recognition at the local annual report competition conducted by the Institute of Chartered Accountants of Sri Lanka. This achievement by ETI came subsequent to the clinching of the bronze award for the ‘Best-Illustrated Annual Report’ in the Financial Services; Consumer & Specialty category in New York in September 2010, for their annual report of 2008/09.

This recognition given to ETI by the Institute of Chartered Accountants of Sri Lanka is a great encouragement, which shows we are on a winning streak. When ETI won bronze at the ARC awards, we predicted a win at the local competition too. Now our forecast has resulted in fruition. “This is a clear indication of the rightful corporate decisions we take, after forecasting the future, in line with our core values and vision,” said ETI CEO Mahendra De Silva. “ETI is a fresher to the arena of local Annual Reports competitions. Our aim is to win gold in international and local contests in the future. From June 2011, it is mandatory for all finance companies to list with the Colombo Stock Exchange and produce annual reports,” he added.

Statistics in the 2009/10 ETI annual report shows the significance of the sustainable growth momentum of ETI. The interest and other similar incomes for the financial year recorded a significant growth compared to that of the previous year. The main contributor was the pawning interest income. Pawning stock has increased from 2008/09 to 2009/10, showing a remarkable growth. Accordingly, an impressive amount has been recorded as operating profit in the year as profit before tax. The profit after tax figure too was highly impressive. Total assets for the period too have shown a remarkable growth in comparison to total assets recorded in 2008/09.

ETI commenced the compilation of annual reports in 2004 by producing its very first annual report in-house. Since then, ETI went through a massive restructuring process, giving light to socially responsible diversification. Thereafter, ETI’s growth momentum has been on the high side, which paved the way for the company to win awards for its annual reports internationally and locally.

The encouragement and best wishes we received by the local corporate giants provided us with the motivation to strive harder to achieve greater heights. “We also salute our customers, for they are the driving force behind ETI’s success story”, said De Silva. “We constantly evaluate the needs and wants of our customers and cater to them through a well trained work-force. Being ethical in all our endeavours and engaging in CSR projects with genuine motives has brought credibility to the corporate image of ETI. We have forecast to achieve an operating income of Rs. 2.8 billion and a net profit of Rs. 335 million in the financial year 2010/11,” De Silva said.