LB Finance posts Rs 500 m profit for 2009

LB Finance PLC recorded Rs 500 million profit after tax during the financial year ended March 31, 2010 showing a 39 percent growth compared to the corresponding period.

LB Finance net profit before income tax was Rs 878 million and this is an increase of 58 percent compared to 2009.

LB Finance Chairman Bertram Amarasekera

Gross income of the company was Rs 4.13 billion for the year ended March 31 in 2010 and it was Rs 3.5 billion during the corresponding period in 2009.

This is an increase of 15.39 percent.

Total assets and market capitalization were Rs 17.1 billion and Rs 2.1 billion respectively for the year ended March 31 in 2010.

Total assets and market capitalization were Rs 14 billion and Rs 865 million respectively for the year ended March 31 in 2009.

LB Finance Chairman Bertram Amarasekera said local and foreign investor confidence has increased with the dawn of peace in country. It will also help to have a positive resolve among policy makers to speed up infrastructure development and reconstruction mainly in the liberated areas.

The company will continue to lend to micro entrepreneurs who have built their source of revenue through three wheelers and tractors. They are considered as essential individuals in the national development.

He expressed confidence the country's economy will grow significantly in the midst of global economic recovery. The company will prepare to finance in the field of construction and tourism sectors as these sectors are growing at an unprecedented rate.

source -www.dailynews.lk