Business Times

LOLC profits up as cost of sales falls

Lanka Orix Leasing Company (LOLC) increased its net profits by 126% for the year ended 31 March 2010 after Group profits climbed to Rs.2.3 billion over the 2009 financial year.

Gross revenue for the year, which includes revenue from trading, manufacturing, plantation and other activities of the Group, showed a 9% increase to Rs.14.9 billion. The cost of sales declined by 4% while gross profit for the year showed an improvement of 40% to Rs.702 million.

The Group financial statements also show a 1% increase in income for the year under review to Rs.9.9 billion. Group operating expenses which includes direct expenses, provisions for bad and doubtful debts, staff costs, depreciation and other expenses all increased for the year.

The company noted that its holdings in Touchwood Investment PLC was disposed of during 4Q10 and is no longer accounted for as an associate company. LOLC also acquired 50% ownership of Diriya Investment (Pvt) Ltd through Commercial Leasing Company Ltd. which is a fully owned subsidiary of LOLC for Rs.828 million in January 2010.

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