LOLC 2Q bottom line soars; 1H dips

• Financial services segment performs best; manufacturing and trading improves; plantation and leisure losses rise

Diversified financial giant LOLC Holdings PLC has seen its second-quarter bottom line soar, though suffering a decline in the first half figure.

Net profit attributable to equity holders of the parent in 2Q was Rs. 9.1 billion, up by 164% from a year earlier. However, the 1H figure was down by 27% to Rs. 12.8 billion. 

Consolidated after-tax profit in 2Q grew by 161% to Rs. 10.5 billion, whilst for the 1H it was down by 65% to Rs. 14.6 billion.

Profit Before Tax from continuing operations rose by 175% to Rs. 12.7 billion in 2Q but declined by 58% to Rs. 18 billion from Rs. 43 billion in 1H of FY21.

Group revenue in 2Q rose by 14% to Rs. 49.4 billion and by 26% to Rs. 91 billion in 1H. Profit Before Operating Expenses rose by 6% to Rs. 27 billion in 2Q and by 32% to Rs. 48.8 billion in 1H. Results from operating activities rose by 177% to Rs. 12 billion in 2Q and to Rs. 17 billion in 1H from a loss of Rs. 423 million in 1H of last year.

Sector-wise, Financial Services saw a pre-tax profit swell to Rs. 11.6 billion in the first half as against a loss of Rs. 566 million a year ago. Long-term Insurance pre-tax profit dropped to Rs. 868.7 million from Rs. 930 million. Manufacturing and Trading pre-tax profit rose to Rs. 2.3 billion from Rs. 1.28 billion. Loss from Leisure and Entertainment segment rose to Rs. 2 billion from Rs. 1.8 billion. Plantation sector loss was Rs. 1.23 billion, up from a Rs. 880 million loss in 1H of FY20. Profit from equity accounted investees increased to Rs. 704 million from Rs. 402 million. Profit from ‘Others’ declined to Rs. 5.8 billion from Rs. 43.6 billion.