Impressive 9-month performance by Orient Finance

Wednesday, 9 March 2016 00:00 - - {{hitsCtrl.values.hits}}

Orient Finance has recorded a commendable profit before tax of Rs. 113 million for the three months ended 31 December, 2015 when compared with the profit before tax of Rs. 6.4 million in the corresponding period of last year.

Profit before tax for the nine months ended 31 December 2015 was recorded as Rs.180.9 million, compared to a profit before tax of Rs. 39.8 million recorded for the corresponding period of last year. A deferred tax gain of Rs. 282 million on the purchase consideration paid to former shareholders of Orient Finance PLC (OFP) has been recognised in the comprehensive income, to the extent of future profit estimates, thereby increasing the profit after tax for the nine months ended 31 December 2015 to Rs. 463 million.

Turnover for the nine months ended 31 December 2015 improved to Rs. 1,592 million from Rs. 1,225 million in the corresponding period of 2014. The cumulative provision for impairment for nine months period decreased to Rs. 225 million from Rs. 243 million.

The assets and liabilities of former Orient Finance PLC were purchased by Bartleet Finance PLC and amalgamated as per the provisions of the Companies Act No. 07 of 2007 on 16 July 2015. Further, Bartleet Finance PLC is the surviving entity upon the completion of the amalgamation and continues its operations as a single legal entity.

On 14 August 2015, Bartleet Finance PLC was renamed as Orient Finance PLC (OFP). The performance of this year is based on the amalgamated financials of the combined entity whilst the corresponding figures of last year are that of Bartleet Finance PLC.

With this amalgamation, the total assets of OFP as at 31st December, 2015 stood at Rs. 17.2 billion, whilst deposits from customers and advances to customers were Rs. 8.4 billion and Rs. 13.5 billion respectively.

The merged entity, OFP operates 25 branches with five Collection Centers covering major towns of the country including Northern and Eastern Provinces.

The Chairman of the company is Dr. D.C. Jayasuriya PC and the Directors are Ananda Atukorala, Lakshmi Gunatilake, Sarath Wikramanayake, Anil Tittawella PC, Indrajith Fernando, Minette Perera, Prakash Schaffter and Ramesh Schaffter. Suresh Amerasekera functions as the CEO of the company.