Financial Times

Kandy’s Sinhaputhra Finance to list in the CSE

Sinhaputhra Finance’s post-tax profit rose to Rs 51.9 million for the year ending March 2008, the company said in a press release, adding that it was planning to seek a listing in the Colombo Stock Exchange (CSE). The previous year’s post-tax profit was given in the statement.

The Kandy finance company’s AGM was held on September where Chairman/Managing Director Ravana Wijeyeratne reported to shareholders that the company had another satisfactory year - 2007/2008 and continued to make steady progress in financial performance during the year.

He said as at 31st March 2008 the company had an asset base of Rs. 3.4 billion and had enhanced its equity by Rs. 66 million aided also by the issue of Preference Shares.

He explained in detail some of the plans the company hopes to achieve for the year ahead including listing in the CSE, introduction of pawn broking, expanding the company’s outreach, phone banking, SMS payments and joining an ATM network and renewed focus on recoveries and tighter criteria for credit with immovable asset backed collateral wherever possible. He noted that these were lapses of the past that needed immediate attention. The other members of the Board of Directors of Sinhaputhra Finance are Mohan Weerakoon (Legal Consultant), K.H.K. Wijeyadasa, Ms. Chintha Balalle, Dr. Cuda Wijeyeratne and Sarath Imbuldeniya.

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