Nation Lanka Finance goes for 54% capital reduction

National Lanka Finance Plc has announced a move to reduce its stated capital to restructure and strengthen its financial position.

The proposed amount of reduction of state capital will be Rs. 1.70.5 billion from its original amount of Rs. 2.329 billion. Following the move, the state capital will be Rs. 623.7 million. The move is subject to shareholder and regulatory approval.

In the first of half of FY16/17, the company posted a net operating income of Rs. 583.6 million down from Rs. 632 million a year earlier.

Pre-tax profit was Rs. 114 million, down from Rs. 136 million. After tax profit amounted to Rs. 101 million, down from Rs. 136 million.