The Finance Company (TFC), the troubled finance company of the Ceylinco Group, posted substantial losses in its latest financial statements with a net loss of Rs.2.1 billion for the nine months ended 31 December 2009.’ Comparatively, the company made a net profit of Rs.15 million for the corresponding period in 2008. The company’s income statement shows an interest income of Rs.2.9 billion for the period under review with Rs.3.9 billion as interest expenses, resulting in a negative net interest income of Rs.1 billion.
The company’s income decreased across all segments including hire purchase, leasing, land sales easy payments, real estate, housing loans and other income for the nine months ended 31 December 2009 compared to the 2008 period. Income on hire purchase decreased to Rs.1.4 billion from Rs.2.2 billion while income on leasing declined to Rs.129 million from Rs.232 million. Other income declined to Rs.1.1 billion from Rs.2.2 billion in 2008.
The five largest shareholders of the company are Ceylinco Investment Co. Ltd with a 37.13% stake followed by Pershing LLC S/A Averbach Grauson & Co and Prime Lands (Pvt) Ltd with an 8.34% and 6.30% stakes respectively. The top five shareholders are rounded off by Lalith Kotelawala with 3.21% of shares of the finance company and Y.S.H.I.K. Silva 0.9% of the shares. |
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