PLC’s momentum continues in Q3 with Rs. 1.1 b profit

Wednesday, 25 February 2015 00:08 - - {{hitsCtrl.values.hits}}

Upholding the growth momentum seen in the first half of the financial year 2014/15,People’s Leasing Group has successfully declared a post-tax profit of Rs. 1.1 billion for the third quarter, reflecting an impressive growth of 31.5% from a year earlier. Cumulative post-tax profit of the Group reached Rs. 2.98 billion at the end of nine months revealing 29.2% YoY growth. People’s Leasing & Finance PLC (PLC) also reported 21.4% YoY growth achieved a post-tax profit of Rs. 2.67 billion during the nine months ended 31December 2014.

CEO D.P. Kumarage commenting on the company’s performance said: “With the excellent performance that we achieved during first nine months even with the challenges posed outside our boundaries, we are looking forward to successfully complete the rest of the financial year.” A strong asset base of Rs. 114 billion as at 31December 2014 enabled PLC to retain the title of largest non-bank financial institution in the country. PLC, the flagship subsidiary of People’s Bank, is the highest rated finance company in Sri Lanka whilst being the market leader of the leasing sector for consecutive 12 years. In view of sharing this outstanding financial performance with its shareholders, PLC declared an interim dividend of Rs. 0.75 per share for the financial year 2014/15 in December 2014. PLC shares seemed to be an attractive investment option for investors where the market price reached a new all-time high of Rs. 28. Due to the outstanding performance of the PLC stock,the company was included in the S&P Sri Lanka 20 Index in December 2014. PLC shone at a number of prestigious award ceremonies in the third quarter given its commitment towards all its endeavours. Its Annual Report received the Silver Award for Overall Excellence in Financial Reporting at the 50th Annual Report Awards organised by CA Sri Lanka. It was also recognised at the Spotlight Awards 2014 organised by the League of American Communications Professionals and received two awards whilst ranking among Top 100 communication materials of the competition. In addition, the Annual Report 2012/13 was adjudged as the Second Runner-up in the Financial Services Sector category at the Best Presented Annual Report Awards 2013 organised by the South Asian Federation of Accountants. Based on the financial performance of the company in 2013/14, PLC was ranked at the 14th position in the Top Twenty Five companies in Sri Lanka by Business Today magazine. Considering the commitment extended towards corporate social responsibility, PLC was chosen as one of the Ten Best Corporate Citizens in the Country at the Best Corporate Citizen Awards organized by the Ceylon Chamber of Commerce. The Gold Award received for the Corporate Social Responsibility reporting at CA Sri Lanka Annual Report Awards underscored the company’s ethical business practices, while it also bagged a Silver Award at the SLITAD People’s Development Awards 2014 organised by the Sri Lanka Institute of Training and Development.