Singer Finance last week reported a net profit of Rs 46 million for fourth quarter 2011/2012, up 106% over the same quarter of the previous year, in the midst of a challenging business environment during the latter part of the quarter under review.
In a media statement, the company said its income increased by 47% in the fourth quarter from Rs 245.3 million to Rs 360.2 million. "Income for the year ended March 2012 increased by 30% to Rs 1,263.3 million while profit for the full year increased by 79% to Rs. 201 million," it said. The company's numbers were buoyed by an increase in the leasing and hire purchase portfolio, which accounted for 61% of revenue for the last quarter and 58% of revenue for the year ended 31st March 2012.
Singer Finance said it has zero exposure to shares and the stock market and is "totally unaffected by the decline in share prices experienced currently".
Singer finance (Lanka) PLC was listed on main board of Colombo Stock Exchange and currently 24.94% of its shares are held by the public.