Financial Times

LankaClear net profit drops in 2008/09 Financial Year


LankaClear posted a net profit of Rs.111 million for the year ended 31 March 2009, down from last year’s net profit of Rs.142 million.

According to the Annual Report, the company’s payment and settlement scheme of which rupee cheque clearing is the principal activity, recorded a marginal decrease in volume for the period under review to 43 million from 45 million the previous year. However, cheque value increased to Rs.4.6 billion from Rs.4.3 billion. Income for the year dropped to Rs.422 million from Rs.452 million for the previous year while administrative expenses increased to Rs.99 million from Rs.91 million.

In the Annual Report, LankaClear Chairman A. Sarath De Silva said the company focused on enhancing the clearing processes, human capital utilization and technology during the year. “The clearing processes have been improved on and are audited on a weekly basis with corrective action taken immediately,” he stated. “This resulted inmaintenance of a very low error rate, in comparison to previous years.”

Mr. De Silva said the Common Payment Switch (CPS), one of two national scale projects, initiated in November 2008 is nearing project completion. The second, LANKASIGN which is Sri Lanka’s first Digital Certificate Authority to the financial sector, is scheduled to be completed by December 2009.

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